Aizenman, Joshua; Cheung, Yin-Wong; Ito, Hiro - 2017
Conventional logic suggests that lowering the policy interest rate will stimulate consumption and investment while … rate of return. Using data on 135 countries from 1995 to 2014, this paper shows that a low-interest rate environment can … interest rates and saving negative. Among developing countries, when the nominal interest rate is not too low, we detect the …