The corresponding outcomes for the DSGE model were that policy rates would be 32.5 % of the time at the ELB, with output 2.3 p.p. below potential and inflation, barely above zero, at 0.1%.22 This illustrates how low levels of inflation and equilibrium real rates can increase the frequency of reaching the ELB with visible deviations from the desirable policy targets.
Among the envisaged benefits from the CSD to the market  BIS central bankers’ speeches  1  participants will be electronic bidding, trading and reporting. We hope that the CSD can go live in April of this year.