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Global trends in interest rates

Marco Del Negro (), Domenico Giannone (), Marc Giannoni () and Andrea Tambalotti ()

Journal of International Economics, 2019, vol. 118, issue C, 248-262

Abstract: The trend in the world real interest rate for safe and liquid assets fluctuated close to 2% 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.

Keywords: World interest rate; Convenience yield; Interest rate parity; VAR with common trends (search for similar items in EconPapers)
JEL-codes: E43 E44 F31 G12 (search for similar items in EconPapers)
Date: 2019
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Related works:
Working Paper: Global Trends in Interest Rates (2019) Downloads
Working Paper: Global Trends in Interest Rates (2019) Downloads
Chapter: Global Trends in Interest Rates (2018)
Working Paper: Global Trends in Interest Rates (2018) Downloads
Working Paper: Global trends in interest rates (2018) Downloads
Working Paper: Global Trends in Interest Rates (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:inecon:v:118:y:2019:i:c:p:248-262

DOI: 10.1016/j.jinteco.2019.01.010

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