BIS central bankers’ speeches  3  some papers that look more specifically at recent asset purchase programmes and how they have affected yields and also the spillovers from them to other countries. Other papers look at the impact of monetary policy on the yield curve, finding for example that monetary policy is one of the factors that explain movements in the term premium.
Of course, Page 4 of 9  some individual industries may not have sufficient demand to sell all of their output – that will always be the case in any economy but at the aggregate level there is little evidence to indicate that a lack of demand has depressed real economic growth.