The Price of Money: A Guide to the Past, Present, and Future of the Natural Rate of Interest

From the 1970s to the 2010s, the natural rate of interest in the US and other advanced economies fell. In the last decade, it has started to rise, and it has further to climb. That change reflects seismic shifts in demographics, technology, and geopolitics. In the future, risks from war to artificial intelligence and climate change could accelerate the rise. The Price of Money explains the evolution of the natural rate, the forces driving it, where it is headed, and what that means for everyone from Wall Street titans to 401K investors.

Jamie Rush is Chief European Economist for Bloomberg Economics, based in London. He has previously worked at the British Treasury, the New Zealand Treasury, and the UK Office for Budget Responsibility. He holds a PhD in economics from the University of Sheffield.

Tom Orlik is Chief Economist for Bloomberg Economics, based in Washington DC. Previously, Orlik was the Chief Asia economist for Bloomberg and China economics correspondent for The Wall Street Journal, based in Beijing. Prior to a decade in China, he worked at the British Treasury, European Commission, and International Monetary Fund. He is the author of Understanding China's Economic Indicators and China: The Bubble that Never Pops.

Stephanie Flanders is global head of Economics and Government at Bloomberg News and Research, based in London. She was previously Chief Market Strategist for Europe at JP Morgan Asset Management and Economics Editor at the BBC. She has also served as Senior Advisor to US Treasury Secretary Lawrence H. Summers, and worked at the New York Times, Financial Times, Institute for Fiscal Studies, and London Business School. She is an Honorary Fellow of Balliol College, Oxford and a Fellow of the Society of Professional Economists.