Long-Run Determinants of the Real Interest Rate: An Investigation into the Impact of Secular stagnation and Increasing Levels of Debt
This thesis examines the impact of secular stagnation and increasing debt levels on real long-term interest rates by estimating a SVAR model for the US, UK, and Sweden between 1902 and 2020. The results of this thesis emphasize the impact of slow productivity growth in the decline of real long-term rates since the mid-1980s, with the evidence being quite strong for the US and UK, and somewhat weak
