Abstract: After the subprime crisis, the global economy is mired in longterm stagnation The euro area and Japan have implemented the negative interest rate policy one after another Negative interest rate breaks the doctrine of the zero lower bound Focusing on the transmission channels and the effectiveness of negative interest rate policy, this paper finds that negative interest rate policy has an immediate impact on market interest rates, exchange rate and other financial market variables But in terms of the recovery of the real economy, the effectiveness of the negative interest rate policy relies on whether it can effectively increase the demand and supply of credit.

Key words: negative interest rate policy , market interest rate , exchange rate , credit supply

摘要： 美国“次贷危机”之后全球经济深陷长期停滞状态，欧元区与日本相继实施负利率政策。负利率打破了政策利率零下限的教条，对现有理论提出了挑战。本文分析了负利率政策可能的传导渠道和影响负利率政策有效性的因素，并对现有的政策效果进行评估。本文发现负利率政策较容易对市场利率和汇率等金融市场变量产生影响；但就实体经济复苏而言，负利率政策成败的关键在于是否能有效增加贷款需求和供给。

关键词: 负利率政策 , 市场利率 , 汇率 , 信贷供给