Consistent with this, the International Monetary Fund has said it sees no evidence of changes to the neutral rates of advanced economies compared with pre-pandemic See J. Platzer and M. Peruffo, “Secular Drivers of the Natural Rate of Interest in the United States: A Quantitative Evaluation,” International Monetary Fund Working Paper No.
2022/030 (February 11, 2022); and L. Straub, “Consumption, Savings, and the Distribution of Permanent Income,” Harvard University Department of Economics working paper (June 5, 2019). 5  6  The term “missing investment puzzle” was originally coined by Bank of England Governor Andrew Bailey in a recent speech.