How to correct excess savings?

R eal interest rates are low because of expansionary monetary policies and also excess ( ex ante ) savings, both globally and in the OECD. This raises the question of how to correct excess savings. It can be done in two ways: By stimulating consumption to drive down the savings rate. This can be achieved by raising low wages, which have a high propensity to consume; By increasing either public or private investment, via higher public investment spending or via tax incentives for corporate investment. Given the long-run slowdown in productivity, it seems that the second option, which could lift potential growth, is preferable. The idea that investments in the energy transition will have to be increased points in the same direction.