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BIS Working Papers
BIS Working Papers No 685 Why so low for so long ? A long -term view of real interest rates by Claudio Borio, Piti Disyatat, Mikael Juselius and Phurichai Rungcharoenkitkul Monetary and Economic Department December 2017 JEL classification: E32, E40, E44, E50, E52. Keywords: Real interest rate, natural interest rate, saving, investment, inflation, monetary policy. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The Papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website ( ). Bank for International Settlements 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.
BIS Working Papers No 685 Why so low for so long? A long-term view of real interest rates by Claudio Borio, Piti Disyatat, Mikael Juselius and
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