Stanley Fischer analyses the factors behind low real interest rates


In a conference in Brazil, Stanley Fischer pointed to lower productivity growth, ageing populations and low investment as the deep-rooted causes of low real interest rates.

“Lower inflation explains a portion of the decline. But longer-term interest rates in the United States have remained low even as the Fed has increased rates and as the unemployment rate has declined,” Fischer said.

“Real potential growth in the US is currently around 1.5%, compared with a pace about double that, on average

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