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Sandbu As the world’s central bankers gather at Jackson Hole on Thursday night, one economic phenomenon will hover over their deliberations more than any other.

That is the large and growing share of loans around the world that bear a negative nominal interest rate: creditors paying their debtors to borrow.

Weldon attributes this squarely to the wrong mix of fiscal and monetary policy. 

But is it also the main cause of low interest rates? Weldon seems to take this as a given, concentrating instead on the political economy puzzle of why such a policy was pursued if it is detrimental to the interest of electorally dominant pensioners.

Martin Sandbu, FT 25 August 2016

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