LIVING WITH LOW FOR LONG

• 成果类型: Article
• 署名作者: Bean, Charles
• 署名单位: University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12370
• 发表日期: 2016
• 页码: 507-522
• 关键词: interest-rates; GROWTH

摘要

I review the causes and some of the consequences of the recent decline in global real interest rates. Causes include: a higher propensity to save associated with a rise in the population share of the high-saving middle-aged; a weaker propensity to invest since the 2007-8 financial crisis; and portfolio shifts towards safer assets. Consequences include: an increased likelihood that policy rates are constrained by the zero lower bound, necessitating greater reliance on unconventional monetary policies; and an increased risk of financial instability as investors seek to generate higher yields.