摘要：Quantitative easing (QE) and negative interest rates have been implementedby several central banks in small open economies (SOEs). Theseunconventional policy tools can be effective in easing financial conditionsand also appear to stimulate aggregate demand and inflation. Negative rates operate as a continuation of conventional monetary policy,although the pass-through to consumer and business borrowing ratesmay be only partial when rates are low or negative. QE in an SOE may operate mainly by lowering the exchange rate and theexpected path of policy rates, but it may have less influence on the termpremium in long-term yields. Fiscal policy is a more important complement to monetary policy to supportgrowth when policy rates are close to zero. Fiscal policy may also bemore effective in an SOE if global demand for safe assets compresseslong-term interest rates in the SOE and thus creates more fiscal space.
