The problem with negative interest rates

In none of the economies attempting the unorthodox experiment of negative interest rates has there been a return to growth and full employmentI wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008. And, as has happened repeatedly over the last decade, a few months into the year, others’ more optimistic forecasts are being revised downward.The underlying problem &nda