Asymmetry in the response to the expansionary monetary policy for public and private debt

After the subprime crisis, central banks in OECD countries switched to a very expansionary monetary policy that led to interest rates that were markedly lower than the growth rate. The response to this very expansionary monetary policy was asymmetric: The public debt ratio rose ; Private debt ratios fell. This clearly shows the asymmetry in behaviour: governments take advantage of low interest rates to run up debt; households and companies take advantage of low interest rates to deleverage. Debt is concentrated in the public sector, which shows a deterioration in the efficiency of the use of savings.