The failure of the macroeconomic stance of shifting away from fiscal policy to an almost exclusive reliance on monetary policy has led to the phenomenon of negative rates in countries other than the United States, and the first sign of even a partial recovery in that country has been enough to set off a reversal.
negative_interest_rates (Download the full text in PDF format)
(This article was originally published in the Economic & Political Weekly, March 25, 2017 vol. LII no. 12)