Quo vadis? — Inflation, Demography, Growth and Asset Returns :: Media

Quo vadis? — Inflation, Demography, Growth and Asset Returns

uploaded April 3, 2023 Views: 119 Comments: 0 Favorite: 3 CPD

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The soaring inflation during the past year has pushed nominal rates back to positive levels. Real interest rates, however, continue to be negative. Prior to the current high inflation episode, the academic literature discussed various forces – demographic change and (related) low growth – that reduce real interest rates. These forces continue to be operative and, once the current high inflation episode is over, we will likely so a reversal to low, below zero, nominal rates.

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