Those outdated systems, which are not in line with the ongoing demographic changes, could sow the seeds of another bubble because, for example, they could prompt search-for-yields under the low natural rate of interest. Now is the time to explore all these issues. With that perspective in mind, I am convinced that this year’s conference will catalyze dialogues between policymakers and academics. Thank you.
6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11  12  BIS central bankers’ speeches  References Barro, Robert J., “Rare Disasters, Asset Prices, and Welfare Costs,” American Economic Review, Vol.