NATIONAL BUREAU OF ECONOMIC RESEARCH
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Global Trends in Interest Rates

Marco Del Negro, Domenico Giannone, Marc P. Giannoni, Andrea Tambalotti

NBER Working Paper No. 25039
Issued in September 2018
NBER Program(s):International Finance and Macroeconomics

The trend in the world real interest rate for safe and liquid assets fluctuated close to 2 percent for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have converged over this period. It was driven by an increase in the convenience yield for safety and liquidity and by lower global economic growth.

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Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w25039

Forthcoming: Global Trends in Interest Rates, Marco Del Negro, Domenico Giannone, Marc Giannoni, Andrea Tambalotti. in NBER International Seminar on Macroeconomics 2018, GalĂ­ and West. 2018

 
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