(Narodowy Bank Polski, CC BY-ND 2.0)
Central Bank of Montenegro, Podgorica (Mazbln, CC BY-SA 3.0)
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.