Hidden Bibliographic Details
| Other authors / contributors: | MacKenzie, George A., author.
International Monetary Fund. Research Department.
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| ISBN: | 1283518473
9781283518475
9781451908725
1451908725
9781451863369
1451863365
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| Notes: | Includes bibliographical references (pages 28-29).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper looks at the dramatic decline in global real interest rates in recent years from a historical perspective and examines the various factors that may account for this trend. We show that current levels of real interest rates on long-term bonds in advanced economies are not low by historical standards and that it is the real long bond rates of the early 1980s through much of the 1990s that look anomalous. We also find that current global long-term interest rates are roughly in line with what one would predict given current price-earnings (P/E) ratios and under reasonable assumptions about the equity risk premia and the expected rate of growth of earnings in advanced countries. Finally, we provide econometric evidence that global long-term interest rates are significantly affected by commodity prices, expected productivity growth, and fiscal consolidation in advanced countries.
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| Other form: | Print version: Catão, Luis. Perspectives on low global interest rates. [Washington, D.C.] : International Monetary Fund, Research Dept., ©2006
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| Standard no.: | 10.5089/9781451908725.001
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