It would suit the “Keynesians” if the very low interest rates resulted from excess global savings

There are two possible explanations for the current very low level of long-term interest rates: Excess private savings ( ex ante ) over investment; The highly expansionary monetary policies. “Keynesians” would prefer the low long-term interest rates to stem from excess savings: this would justify a lasting increase in fiscal deficits to absorb these excess savings. If, instead, the low long-term interest rates result from the highly expansionary monetary policies, then policymakers will have to be very cautious with fiscal policies, as monetary policies could become less expansionary in the future.  Econometric analysis seems to show that the low interest rates are mainly due to the expansionary monetary policies and not the high savings rate (or private savings rate).