... Denmark, Switzerland, Spain, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway and the UK, a three-month Treasury bill rate for Belgium, Sweden and the US, and a three-month ... “over and beyond” what such changes imply for the path of aggregate demand and inflation (Borio and Lowe 2002, Cecchetti et al. 2000). Proponents of this policy emphasise that episodes of financial ... the 95% level in Canada, Finland, the Netherlands, Norway, Sweden, Switzerland, the UK and the US. Moreover, while in some countries, (including Finland, the UK and the US) residential property...