ECB officials and Borio disagree on falling real rates
Vítor Constâncio and Claudio Borio offer differing interpretations
European Central Bank (ECB) officials and the Bank for International Settlements' (BIS) Claudio Borio offered differing accounts of the factors behind falling real interest rates in a panel debate today (September 23), raising big questions about the study of economics.
ECB vice-president Vítor Constâncio said the central bank adopts the approach of the US Federal Reserve's John Williams and Thomas Laubach to estimating the real, equilibrium rate of interest. The method implies real rates are
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