Low for Long? Causes and Consequences of Persistently Low Interest Rates

Interest rates are at historic lows in advanced nations around the world and markets expect them to stay low for years. Written by four world-renowned macroeconomists, the 17th CEPR-ICMB Geneva Report on the World Economy, ?Low for Long? Causes and Consequences of Persistently Low Interest Rates?, suggests that real interest rates will eventually return to more normal levels, but in the meantime deflationary traps are more likely, as are financial boom-bust cycles.