One is that our economies have become less interest rate-sensitive over time, meaning that more withdrawal of monetary accommodation would be required for a given desired decline in inflation. The growing importance of intangible capital is partially responsible for this. In the United States, its share in total investment has tripled since 1980.
And in the euro area, it has increased from about 12% in 1995 to 23% today. Research finds that intangible capital-intensive firms tend to be net savers because intangible capital is more difficult to mobilise as collateral for bank lending, making the cost of credit less important.