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Real Interest Rates, Imbalances and the Curse of Regional Asset Providers at the Zero Lower Bound

Gourinchas, P.O., Rey, H.
  Latest Draft: 01 Sep 2016,

The current environment is characterized by low real rates and by policy rates close to or at their lower bound in all major financial areas. We analyze these unusual economic conditions from a historical perspective and draw some implications for external imbalances, safe asset demand and the process of external adjustment.

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