I am grateful to the Economic Club of New York for inviting me to speak today. My subject is the historically low level of interest rates, a topic not far from the minds of many in this audience and of many others in the United States and all over the world.1 Notwithstanding the increase in the federal funds rate last December, the federal funds rate remains at a very low level. Policy rates of many other major central banks are lower still--even negative in some cases, even in countries long famous for their conservative monetary policies. Long-term interest rates in many countries are also remarkably low, ... (full story)