A Matter of No Small Interest: Real Short-term Interest Rates and Inflation since the 1990s - Speech by Marian Bell

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.

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