If markets are right about long real rates, public debt ratios will increase for some time. We must make sure that they do not explode.
If markets are right about long real rates, public debt ratios will increase for some time. We must make sure that they do not explode.
Across advanced economies, the celebrated (r - g), i.e., the difference between the interest rate and the growth rate, appears to have durably changed sign or, at a minimum, to have gone from a substantially negative number to a number closer to zero.
It is fair to say that, while economists expected the short end of the yield curve to reflect the higher rates needed to win the fight against inflation... Читать дальше...
