More emphasis will have to be given to keeping costs in check and to risk and asset-liability management. Perhaps banks will spend more of their resources on attracting deposits and a little less on selling loans. In any event: Keep an eye on your earnings. Thank you for your attention. BIS Review 115/2007  17
See Anne Case and Angus Deaton, Mortality and Morbidity in the 21st  Century, Brookings Papers on Economic Activity, Spring 2017, in which they document declining life expectancy for middle-aged, less-educated non-Hispanic whites in the United States since the year 2000. 2 United Nations, World Populations Prospects: Key Findings and Advance Tables, 2015 Revision. 3 Antonin Bergeaud, Gilbert Cette, and Rémy Lecat, Productivity Trends in Advanced Countries between 1890 and  2012, Review of Income and Wealth, Volume 62, Issue 3, pp. 420–44 (September 2016). 4 Robert J. Gordon, The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War,  Princeton University Press, Princeton, New Jersey, 2016. 5 Carlos Carvalho, Andrea Ferrero, and Fernanda Nechio. Demographics and Real Interest Rates: Inspecting the  Mechanism, European Economic Review, Volume 88, pp. 208–26, 2016; Etienne Gagnon, Benjamin K. Johannsen, and David Lopez-Salido. Understanding the New Normal: The Role of Demographics. Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System, 2016; and Gauti B. Eggertsson, Neil R. Mehrotra, and Jacon A. Robbins, A Model of Secular Stagnation: Theory and Quantitative Evaluation, National Bureau of Economic Research, Working Paper 23093, 2017. 6 Shigeaki Fujiwara, Yuto Iwasaki, Ichiro Muto, Kenji Nishizaki, and Nao Sudo Fujiwara, Developments in the  Natural Rate of Interest in Japan, Bank of Japan Review, October 2016; Kathryn Holston, Thomas Laubach, and John C. Williams, Measure the Natural Rate of Interest: International Trends and Determinants, Journal of International Economics, Volume 108, Supp. 1, pp. S59-S75. (2016).