Extremely low policy interest rates and large-scale central bank holdings of diverse financial assets are creating conditions that will lead to the next financial crisis

摘要

In response to deflation in prices of goods and services, sharp declines in real economic activity, and sharp declines in equity and property values during the 2008-2009 financial crisis, a number of developed country central banks accumulated large holdings of diverse financial assets and set nominal interest rate policy targets close to zero.