Report

Geneva Reports on the World Economy

Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates

edited by Charles Bean Christian Broda Takatoshi Ito Randall Kroszner

23 Oct 2015

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.

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Summary

Citation

Bean, C, C Broda, and T Ito (2015), “Summary“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/summary

Historical context

Citation

Bean, C, C Broda, and T Ito (2015), “Historical context“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/historical-context

Some key facts

Citation

Bean, C, C Broda, and T Ito (2015), “Some key facts“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/some-key-facts

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

Citation

Bean, C, C Broda, and T Ito (2015), “Introduction: Low for Long? Causes and Consequences of Persistently Low Interest Rates“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/introduction-low-long-causes-and-consequences-persistently-low-interest-rates

Summing up

Citation

Bean, C, C Broda, and T Ito (2015), “Summing up“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/summing

Risky versus safe assets and portfolio shifts

Citation

Bean, C, C Broda, and T Ito (2015), “Risky versus safe assets and portfolio shifts“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/risky-versus-safe-assets-and-portfolio-shifts

A lower propensity to invest

Citation

Bean, C, C Broda, and T Ito (2015), “A lower propensity to invest“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/lower-propensity-invest

A higher propensity to save

Citation

Bean, C, C Broda, and T Ito (2015), “A higher propensity to save“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/higher-propensity-save

Why have (safe) real interest rates fallen?

Citation

Bean, C, C Broda, and T Ito (2015), “Why have (safe) real interest rates fallen?“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/why-have-safe-real-interest-rates-fallen

Demography

Citation

Bean, C, C Broda, and T Ito (2015), “Demography“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/demography

Effects of low interest rates on the private sector

Citation

Bean, C, C Broda, and T Ito (2015), “Effects of low interest rates on the private sector“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/effects-low-interest-rates-private-sector

Escaping the deflationary trap

Citation

Bean, C, C Broda, and T Ito (2015), “Escaping the deflationary trap“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/escaping-deflationary-trap

From disinflation to deflation

Citation

Bean, C, C Broda, and T Ito (2015), “From disinflation to deflation“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/disinflation-deflation

A brief chronology

Citation

Bean, C, C Broda, and T Ito (2015), “A brief chronology“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/brief-chronology

Lessons from Japan

Citation

Bean, C, C Broda, and T Ito (2015), “Lessons from Japan“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/lessons-japan

Concluding remarks

Citation

Bean, C, C Broda, and T Ito (2015), “Concluding remarks“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/concluding-remarks

Prospects

Citation

Bean, C, C Broda, and T Ito (2015), “Prospects“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/prospects

Financial markets and financial stability

Citation

Bean, C, C Broda, and T Ito (2015), “Financial markets and financial stability“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/financial-markets-and-financial-stability

Monetary policy

Citation

Bean, C, C Broda, and T Ito (2015), “Monetary policy“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/monetary-policy

Policies and prospects

Citation

Bean, C, C Broda, and T Ito (2015), “Policies and prospects“, in R Kroszner (eds), Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates, CEPR Press, London. https://cepr.org/chapters/policies-and-prospects