In July 1981, the Federal Funds rate was 19.1%. In the subsequent four decades, the United States, along with much of the rest of the world, has seen a steady and seemingly inexorable march to zero. Even before the pandemic, interest rates were historically low. In this session, Greg Mankiw will look at the causes and effects of this long decline. He will discuss what does it mean for the nation’s fiscal policy and for your retirement planning.