Brand, Claus (ed.); Bielecki, Marcin (ed.); … - Europäische Zentralbank / Task Force on Systemic Liquidity - 2018
economies, driven by ageing, waning productivity growth, a rise in mark-ups, and a surge in risk aversion in the wake of the … the risk of monetary policy becoming constrained by the lower bound on nominal interest rates. We highlight model … higher levels would have to come from a reversal in risk aversion and flight to safety and a boost in productivity. To …