Ms Bell notes that one explanation for persistently low short-term interest rates in the major economies is low inflation itself. The lower inflation, the lower nominal interest rates can be for a given real return. But this does not seem to explain the whole story as even adjusting for inflation, 'real' short-term interest rates have been low.
Published on 02 March 2005
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Minutes of the Wholesale Distribution Steering...
Minutes of the Wholesale Distribution Steering Group - October 2019
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