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@techreport{NBERw25039,
 title = "Global Trends in Interest Rates",
 author = "Del Negro, Marco and Giannone, Domenico and Giannoni, Marc P and Tambalotti, Andrea",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "25039",
 year = "2018",
 month = "September",
 doi = {10.3386/w25039},
 URL = "http://www.nber.org/papers/w25039",
 abstract = {The trend in the world real interest rate for safe and liquid assets fluctuated close to 2 percent for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries  have converged over this period. It was driven by an increase in the convenience yield for safety and liquidity and by lower global economic growth.},
}