Negative Rates And Inflation - Barokong

Have negative interest rates boosted inflation? Here is a nice graph (source macro-man blog, HT FT alphaville) Source: Macro-man blog Not really. Explanations? Choose the chicken or the egg: 1) But for negative rates, inflation would have been even lower 2) We're living in a Fisher effect world. Lower rates lower inflation. (Which is arguably a good, if unintended, thing)
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