Carlyle executives share their views and expertise on a range of investment, public policy and economic matters through podcasts, commentaries, policy papers, TV interviews, speeches and presentations.

Economic Outlook
Economic Outlook
(Just Like) Starting Over

By sapping confidence and depressing bank capital levels, unconventional monetary policy may create costs that exceed its modest benefits. The September shift in Bank of Japan (BOJ) policy and ongoing concerns about European banks could pave the way for a broader rethink of the conduct of monetary policy. Policymakers may focus increasingly on the steepness of the term structure rather than the absolute level of longer-term interest rates.

By sapping confidence and depressing bank capital levels, unconventional monetary policy may create costs that exceed its modest benefits. The September shift in Bank of Japan (BOJ)…

By sapping confidence and depressing bank capital levels, unconventional monetary policy may create costs that…

Search For Yield
Economic Outlook
The "Search for Yield" and Business Investment

Despite record low interest rates, business investment has been weaker this expansion than any other in the past 50 years. This puzzle may be explained, in part, by investors’ tendency to respond to low rates by diversifying into dividend-paying stocks and other “yield products” to boost portfolio income. Over the past forty years, every 1% decline in real rates has boosted the monthly return of high-yield stocks by 1.4% relative to low-yield stocks, with evidence of larger effects since…

Despite record low interest rates, business investment has been weaker this expansion than any other in the past 50 years. This puzzle may be explained, in part, by investors’ tendency…

Despite record low interest rates, business investment has been weaker this expansion than any other in the past 50…

"Why Aren’t Low Rates Working? Blame Dividends"
Research -
"Why Aren’t Low Rates Working? Blame Dividends"
John Bull Can't Stand 2 Percent: QE's Depressing Implications for Investment
Research -
John Bull Can't Stand 2 Percent: QE's Depressing Implications for Investment