BIS paper warns of risks from long-term interest rate volatility

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A Bank for International Settlements paper published on Friday identifies risks linked to the recent decline in real long-term interest rates in advanced economies and its use as a policy instrument.

Philip Turner, the paper’s author, examines factors that have driven the recent declining trend of real long-term interest rates and whether the crisis response by central banks in many advanced countries made the long-term interest rate a policy variable.

The author notes that while the long-term

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