Sweden's central bank has rejected the findings of a studyco-authored by former U.S. Treasury Secretary Lawrence Summers thatcriticized negative interest rates.

Riksbank First Deputy Governor Kerstin af Jochnick says thestudy is looking at the wrong data. Based on that data, it drew theconclusion that negative rates are harmful to an economy becausethey hurt bank profits and impede lending growth. The review evenused Sweden as an example.

But the authors should have looked at actual lending rates inthe mortgage market, not listed rates, according to afJochnick.

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