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Global Trends in Interest Rates

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

No 25039, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E43 E44 F31 G12 (search for similar items in EconPapers)
Date: 2018-09
New Economics Papers: this item is included in nep-mac, nep-mon and nep-opm
Note: IFM
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Published as 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
Published as 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.

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