Kim Spence-Jones on Nostr: npub1g0tuf…3tvm4 The chart in that paper suggests that positive real interest rates ...

npub1g0tuf634rz4suczwj7kgnecr6cyt0eu9xmp3sp0fku68mqehq4msp3tvm4 (npub1g0t…tvm4) The chart in that paper suggests that positive real interest rates were the norm in the three decades before the 2008 banking crisis, and switched to negative thereafter. I guess my instincts are wrong. Perhaps that’s because consumer returns on savings tend to be below central bank nominal interest rates? I haven’t quite got my head round the IMF concept of the ‘natural’ value, either, which they seem to think should be slightly positive. 🤔