Global Trends in Interest Rates
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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Copy CitationMarco Del Negro, Domenico Giannone, Marc P. Giannoni, and Andrea Tambalotti, "Global Trends in Interest Rates," NBER Working Paper 25039 (2018), https://doi.org/10.3386/w25039.
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Published Versions
Global Trends in Interest Rates, Marco Del Negro, Domenico Giannone, Marc Giannoni, Andrea Tambalotti. in NBER International Seminar on Macroeconomics 2018, Galí and West. 2019
Del Negro, Marco & Giannone, Domenico & Giannoni, Marc P. & Tambalotti, Andrea, 2019. "Global trends in interest rates," Journal of International Economics, Elsevier, vol. 118(C), pages 248-262. citation courtesy of 
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