Moscow, Russia (Victor Dubilier, CC BY-NC-ND 2.0)
(geralt, Public domain)
(Alexas_Fotos, Public domain)
Łódź, Poland (Kamil Porembiński, CC BY-SA)
Low fertility and increasing life expectancy in most of the world's economies are causing a decline in the natural interest rate. Too restrictive monetary policy may increase the risk of the economy falling into a deflationary trap.