Monetary Policy Implementation in a Negative Rate Environment Staff Working Paper 2017-25 Michael Boutros, Jonathan Witmer Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants. Content Type(s): Staff research, Staff working papers Topic(s): Interest rates, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E4, E40, E42, E43, G, G0