Why are real interest rates so low?

Francois Velde (), Benoit Mojon and Magali Marx

No 1581, 2016 Meeting Papers from Society for Economic Dynamics

Abstract: We try to account for the persistently low real interest rates (the “secular stagnation†hypothesis) in a quantitative model that encompasses most of the likely factors (demographics, productivity, inequality, financial constraints). We find it difficult to account for both the level and the change over the past two decades, at least in a model without uncertainty, and turn to explore the role of attitudes toward risk.

Date: 2016
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Working Paper: Why Are Real Interest Rates So Low? (2017)
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