Report
Geneva Reports on the World Economy
Geneva 17: Low for Long? Causes and Consequences of Persistently Low Interest Rates
- Summary
- Historical context
- Some key facts
- Introduction: Low for Long? Causes and Consequences of Persistently Low Interest Rates
- Summing up
- Risky versus safe assets and portfolio shifts
- A lower propensity to invest
- A higher propensity to save
- Why have (safe) real interest rates fallen?
- Demography
- Effects of low interest rates on the private sector
- Escaping the deflationary trap
- From disinflation to deflation
- A brief chronology
- Lessons from Japan
- Concluding remarks
- Prospects
- Financial markets and financial stability
- Monetary policy
- Policies and prospects