Gertjan Vlieghe considers what we have learned in the past five years about some of the structural drivers of low interest rates, such as demographics, debt and the distribution of income.
He also discusses how to set monetary policy in a constrained environment, given the limited monetary policy space created by these structural factors.
Then he considers how these constraints could be lifted to ensure the effectiveness of future monetary policy.
Running out of room: revisiting the 3D perspective on low interest rates
