In an environment of low inflation, monetary policy remained lax and interest rates low, from short-term money market rates to long-term government bond yields. The low interest rates had an impact on investor behaviour. In particular, many institutional investors were bound by nominal or real return objectives.
1  Including Acharaya, Viral V, Richardson, Matthew: Restoring Financial Stability New York 2009; Fox, Justin: The Myth of the Rational market, New York, 2009; Tett, Gillian: Fool´s Gold: London 2009;Wessel, David: In Fed We Trust, New York 2009, see also Gylfason, Holmström, Korkman, Söderström, Vihriälä; Nordics in Global Crisis, Vulnerability and resilience, Helsinki 2010.