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In this issue

Negative interest rates. a few years ago the idea would have seemed absurd, and is still does. However, now it is a reality, in Japan and several European countries-it is even a possibility in the US. This extreme move is part of a larger trend, the frustration of officials in developed countries to fight the three lows: low growth, low inflation and low rates. Now nearly a decade after the global financial crisis of 2008, the mature economies continue to limp along with no strong recovery in sight. Even worse, the mechanisms of classic economics seem to be ineffective. The search is on for new rules to restore growth and prosperity.

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