Four key questions for fiscal policy in an environment of very low long-term interest rates

Four questions are central to f iscal policy choices in an environment of very low long-term interest rates: Why are long-term interest rates very low? If they result from expansionary monetary policies, is monetary policy going to remain expansionary? In particular, is inflation going to remain low? If interest rates remain very low, might this lead to problems that will force central banks to abandon this policy even in the absence of inflation? If interest rates do remain low for a long time, what can governments do; what changes should they make to fiscal policy?