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Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

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Is There a Debt Trap That Could Drive Down Interest Rates?

Debt has become a bigger driver of growth in the economy. This could put downward pressure on interest rates because raising rates too much would cause a recession, he says. Central banks are fully aware that if inflation is driven by supply and not demand, it can be difficult to distinguish between the two - especially in real time.

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