>"Also, if monetary policy is driving rates negative, technically, capital "required" for productivity is literally free." This is only superficially true. Rea

>"Also, if monetary policy is driving rates negative, technically, capital "required" for productivity is literally free." This is only superficially true. Real interest rates also take inflation risk and investment risk into account, so they could easily be quite signiifcant even when the central bank says there is a negative interest rate.