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The Price of Time | Edward Chancellor & Joseph Wang
Forward Guidance
The U-Shape Interest Rate Curve
A negative interest rate is a tax on capital. You would stuff your money under, you know, in a safe or under your bed than have your capital tax. That's actually what we saw in Japan and Germany when rates were not actually charged on consumer lenders, but they were charged on the banks themselves. And I think one of the large German banks did actually start hoarding notes in the safes. It's really bizarre.
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