前回エントリで紹介したECB論文の日本の分析は、高齢化の自然利子率への影響についても触れている。 Adverse demographic factors may also negatively affect the natural rate of interest owing to lower potential growth, thereby constraining the role of monetary policy in supporting the economy. While the natural rate cannot be observed and its estimation is subject to a large degree of uncertainty, estimates based on various methodologies point to a