Real interest rates during a prolonged economic downturn But are interest rates currently excessive low? To answer this question, one needs to define a benchmark. In practice, this is a very difficult task, both conceptually and in terms of quantitative measurement.
References for this speech can be found on the US Federal Reserve Systems’s website. *  *  *  I am honored to participate in this tribute to Otmar Issing. I have known and admired Otmar for some time. It has been a source of great pride that he has considered me a worthy intellectual sparing partner over the years.