Focus on Low Real Interest Rate Might Be Misplaced

Jonas C. Crews, Kevin Kliesen and Christopher Waller

The Regional Economist, 2016, issue Jan

Abstract: When investors complain about low interest rates, they are usually referring to the rates on government bonds, particularly TIPS (Treasury Inflation Protected Securities). But such rates should not be seen as proxies for the rates of return on all investments. Real returns to productive U.S. fixed investment in tangible capital have not fallen over the past 25 years.

Date: 2016
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