Report
Near-zero long-term interest rates should lead the future to count as much as the present in OECD countries
The fact that long-term interest rates are near zero in OECD countries should lead the future to count as much as the present in economic agents’ decision - making. Are there signs that this the case? For example, we ought to see: An increase in investment in new technologies; An increase in spending on R&D and education; An increase in corporate investment; A sharp rise in equity valuation. However, nothing of the sort can be seen: OECD economies have not reacted to the fact that future incomes are discounted at a near-zero interest rate.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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