It is often assumed that monetary policy is highly accommodative simply because nominal interest rates are very low. But if the neutral real interest rate has fallen, monetary policy may not be as...

The Fed’s decision to raise interest rates again yesterday does not change the big picture that global monetary policy will remain highly accommodative. We expect policy rates to stay close to zero in...

In each of the past three years, all of the G7 group of advanced economies have posted positive GDP growth. We expect these expansions to continue until at least 2019, which would be the third-longest...

The unemployment rate in most advanced economies is now lower than it was on the eve of the financial crisis. However, the “natural” rate of unemployment has probably fallen and the supply of labour...