There is little evidence that negative interest rates have succeeded in boosting economic growth or inflation expectations. But equally, they do not seem to have done much harm either – many of the criticisms levelled at them have been wide of the mark. In any case, they are likely to remain a feature of economic policy in Switzerland and the Nordics for many years to come.
This is a modified version of a speech given at the Developed Markets Forecast Forum in London on 3rd December 2019.
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