Haluk Unal

Haluk Ünal

Haluk Ünal is a Professor of Finance, at the Robert H. Smith School of Business, University of Maryland, Special Advisor to the Center for Financial Research of the FDIC, and Senior Fellow at the Wharton Financial Institutions Center. He is also the Managing Editor of the Journal of Financial Services Research.

The Negative-Interest Rate Experiment: Mixed Results

Central bankers in Japan and the Europe Union are at their wits' end in trying to figure how to generate demand and stave off deflation. Both banks have dropped interest rates into negative territory, encouraging spending by making saving literally costly. Yet the publics of the two economic regions have reacted differently. Each is unhappy for a different reason. Smith School professor Haluk Ünal explains why negative interest rates can't solve all the problems of Europe and Japan. Read more ...

Low Interest Rates and 'Secular Stagnation'

In Switzerland, some customers are watching their bank accounts shrink each month, even if they don't make any withdrawals. In Denmark, when you repay your loan you don't add interest to the payment, you subtract interest. The banks are literally paying people to borrow money. This is the strange new world of negative interest rates. It's a byproduct, according to Smith School professor Haluk Unal, of a global phenomenon called "secular stagnation" Read more ...

Will the Fed Act?

Janet Yellen, the Fed chairwoman, has said that raising interest rates before the end of the year is "a live possibility," given the relatively strong performance by the economy. Other Fed governors, however, have said that low levels of inflation mean that a rate hike would be premature. A division over interest-rate policy was also evident in a recent panel discussion among finance experts at the Smith School. Read more...


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