Rossi, Sergio 2019 This paper argues that the negative interest rate adopted by the Swiss National Bank in 2015 has elicited a series of negative consequences across the Swiss economy. It has led an increasing number of agents to invest their savings in the real-estate market, whose prices have overheated, threatening the eruption of a housing crisis. It has also induced a number of financial institutions to turn to riskier businesses in an attempt to continue to earn some returns, thereby increasing financial fragility at systemic level. The paper suggests that a small Tobin tax on all Swiss-franc purchases may contribute to the support of domestic economic activities much better than negative rates of interest. application/pdf https://folia.unifr.ch/global/documents/309337 https://folia.unifr.ch/documents/309337/files/2019_Rossi_Dangerous.pdf eng info:eu-repo/semantics/altIdentifier/doi/10.4337/roke.2019.02.07 info:eu-repo/semantics/openAccess License undefined Review of Keynesian Economics. - Edward Elgar Publishing Ltd. - 2019, vol. 7, no. 2, p. 220-232 negative interest rates Swiss monetary policy Tobin tax info:eu-repo/classification/udc/33 The Dangerous Ineffectiveness of Negative Interest Rates : the Case of Switzerland http://purl.org/coar/resource_type/c_6501