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Low interest rates are usually attributed to low inflation, weak economic growth and super easy monetary policy. But there's another deep-seated factor that doesn't get much attention: demographics.

The big question is: When will the term structure of interest rates change? That's the question to be worried about.

The problem with interest rates are that you are not modeling a single number, you are modeling a whole term structure, so it is a sort of different type of problem.

It would be helpful if someone would lay out exactly the economic mechanism that gets us from yet lower interest rates to actual economic activity.

Low interest rates are a big opportunity for investment. But the issue is that this money should go to the real economy, not the financial economy.

Low interest rates benefit individuals or investors who own or want to buy assets; in that regard, they disproportionately benefit wealthier Americans.

Interest rates are used to achieve overall economic stability.

However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

There will not be an automatic increase in interest rate when unemployment hits 6.5%.