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Discussion paper "The Financial Resource Course Revisited: The Supply-Side Effect of Low Interest Rate" by Simon Hildebrandt and Jochen Michaelis
The research paper "The Financial Resource Course Revisited: The Supply-Side Effect of Low Interest Rate" by Simon Hildebrandt and Jochen Michaelis is now available in the "MAGKS Joint Discussion Paper Series in Economics".
In their paper, they show that low interest rates in a small open economy can lead to an investment boom and thus to an increase in welfare. This contrasts with the findings of Benigno and Fornaro (2014).