Tag Archives: Pension fund

NZZ, March 13, 2019. PDF. Long-term real interest rates do not reflect monetary policy. In the recent past, monetary policy has contributed to lower fixed-income interest rates but also to higher returns on other asset classes. Complaining about low rates but not adjusting one’s portfolio makes little sense; there is no “financial repression.” If politicians want to subsidize pension funds they should contribute funds from the government budget rather than asking the central bank to...

NZZ, March 13, 2019. PDF. Updated: Ökonomenstimme, March 22, 2019. HTML. Long-term real interest rates do not reflect monetary policy. In the recent past, monetary policy has contributed to lower fixed-income interest rates but also to higher returns on other asset classes. Complaining about low rates but not adjusting one’s portfolio makes little sense; there is no “financial repression.” If politicians want to subsidize pension funds they should contribute funds from the government...