How has Germany reacted to negative interest rates?

We examine how Germany has reacted to the very low then negative interest rates, with regard to: Household savings and debt and real estate prices; Corporate investment, debt and profitability; Fiscal policy; International capital flows; Savers’ investment strategy. We find that the low then negative long-term interest rates have led to: Predictable reactions: acceleration in credit, rise in investment and in real estate prices; But also surprising reactions: rise in the household savings rate, a persistent large primary fiscal surplus, continued bond purchases by savers and investors.