TY  - JOUR
AU  - Del Negro, Marco
AU  - Giannone, Domenico
AU  - Giannoni, Marc P
AU  - Tambalotti, Andrea
TI  - Global Trends in Interest Rates
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 25039
PY  - 2018
Y2  - September 2018
DO  - 10.3386/w25039
UR  - http://www.nber.org/papers/w25039
L1  - http://www.nber.org/papers/w25039.pdf
N1  - Author contact info:
Marco Del Negro
Federal Reserve Bank of New York 
Research and Statistics Group 
33 Liberty Street, 4th Floor 
New York, NY 10045
E-Mail: marco.delnegro@ny.frb.org

Domenico Giannone
Amazon.com
300 Boren Ave N.
Seattle, WA 98109
E-Mail: dgiannon2@gmail.com

Marc Giannoni
Federal Reserve Bank of Dallas
Research Department
2200 N Pearl St.
Dallas, TX 75201
United States
Tel: 2149225291
E-Mail: Marc.Giannoni@dal.frb.org

Andrea Tambalotti
Federal Reserve Bank of New York 
Research and Statistics Group 
33 Liberty Street, 3rd Floor 
New York, NY 10045
Tel: (212) 720-5657
E-Mail: a.tambalotti@gmail.com
M1  - published as Marco Del Negro, Domenico Giannone, Marc Giannoni, Andrea Tambalotti. "Global Trends in Interest Rates," in Jordi Galí and Kenneth West, organizers, "NBER International Seminar on Macroeconomics 2018" Journal of International Economics (Elsevier), volume 118 (2019)

M3  - presented at "International Seminar on Macroeconomics", June 29-30, 2018
AB  - 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.
ER  -