[2] For a discussion of the evolution of nominal interest rates, see Lane, P. R. (2019), “The yield curve and monetary policy”, speech at the Centre for Finance and the Department of Economics at University College London, 25 November, London. [3] A related, though not identical, approach has also been repeatedly suggested by James Bullard. See, for example, Bullard, J.
(2019), “The Monetary Policy Implications of a Low R-Star: An Update”, presentation at the Joint DNB/ECB Workshop on the Natural Rate of Interest, 16 May, Amsterdam. [4] See Lane, P. R. and Milesi-Ferretti, G. M. (2001), “Long-term capital movements”, NBER Working Paper Series, No 8366; and Higgins, M. (1998), “Demography, National Savings, and International Capital Flows”, International Economic Review, Vol. 39, No 2, pp.