real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … determinants appears tenuous. While it is possible to find some relationships consistent with the theory in some periods …

real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … determinants appears tenuous. While it is possible to find some relationships consistent with the theory in some periods …

efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast … permanently. Furthermore, we find no empirical evidence for the global savings glut and secular stagnation hypotheses. Instead … for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …