Özet:

The aim of this study is to demonstrate the success of the negative interest rate policy implemented in the European Union (EU), Denmark, Sweden, Switzerland and Japan. The negative interest policy has been implemented because the desired results are not achieved from the traditional monetary policies implemented in order to combat deflation. In the analysis, the countries in the 2000 Q1 - 2017 Q4 period on a quarterly basis studied the net domestic national stock (GDP), consumer prices inflation (CPI), industrial production and unemployment rates. These variables have been reviewed and the interactions between the central bank’s deposit interest rates (deposit rate) have been analyzed. The results show that the policy has made positive changes in some indicators, especially in recent years. It will also take time to obtain the desired results. It is therefore established that, in addition to the continuation of policy implementation, global developments should also be taken into account.