There are legitimate doubts about the positive effect of very low interest rates on growth

The ECB regularly reports that its models show that the very low interest rate policy has had a positive effect on euro-zone growth (see for example (1) and (2) : without the very expansionary monetary policy, the ECB estimates that euro-zone GDP would have been 2.7% lower by the end of 2018). However, this viewpoint seems difficult to reconcile with: The rise in the household savings rate (probably due to the income effect); The lack of a marked rise in the corporate investment rate, the weak capital growth and the fact that the return on physical capital has not fallen; The persistently low housing investment (but the rise in real estate prices); The weak credit recovery; The accumulation of cash by companies . C. Altavilla, L. Burlon, M. Giannetti, S. Holton "Is There a Zero Lower Bound? The Effects of Negative Policy Rates on Banks and Firms" ECB Working Paper no. 2289, 7 June 2019 M. Rostagno, C. Altavilla, G. Carboni, W. Lemke, R. Motto, A. Saint Guilhem, J. Yiangou "A Tale of Two Decades: the ECB’s Monetary Policy at 20" ECB Working Paper no. 2346, December 2019