#Interest rate


2020 Aug 08

The COVID-19 pandemic is accelerating the long-term shift away from cash, and monetary authorities risk falling behind. A recent report from the G30 argues that if central banks want to shape the outcome, they need to start thinking fast.


The Case for Deeply Negative Interest Rates

2020 May 13

Only monetary policy addresses credit throughout the economy. Until inflation and real interest rates rise from the grave, only a policy of effective deep negative interest rates, backed up by measures to prevent cash hoarding by financial firms, can do t


Navigating the Pandemic Trilemma

2020 Apr 07

The broad consensus of the COVID-19 era holds that measures to protect public health imply hard trade-offs with economic growth and political liberty.


The Return of Fiscal Policy

2019 Sep 23

With interest rates at record lows and global growth set to continue decelerating, there has rarely been a better time for governments to invest in infrastructure and other sources of...


Whither Central Banking?

2019 Sep 02

In an environment of secular stagnation in the developed economies, central bankers ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand


What if Zero Interest Rates Are the New Normal?

2019 Apr 01

The valid insight behind "modern monetary theory" – that governments and central banks together can always create nominal demand


Stagnant Capitalism

2019 Mar 25

A decade after the 2008 financial crisis, faith in markets self-regulating abilities once again lies in tatters. There simply is no single real interest rate that would spur investors to funnel all existing savings


Understanding the Fed’s Dovish Turn

2019 Mar 21

Over the past few years, the US Federal Reserve has been ahead of other major central banks in normalizing monetary policy.