At the same time, interest rates are likely to be lower, on average, in the future than  4  J. C. Stein, “Overheating in Credit Markets: Origins, Measurement, and Policy Responses” (speech at the Research Symposium, “Restoring Household Financial Stability After the Great Recession: Why Household Balance Sheets Matter,” sponsored by Federal Reserve Bank of St. Louis, St. Louis, Missouri, 7 February 2013).
BIS central bankers’ speeches  3  they were before the crisis. As a consequence, ZLB episodes could become more frequent. Together, these factors suggest that consideration should be given to an inflation target that is above 2 per cent. In recent years, global economic growth has repeatedly fallen short of expectations.