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Negative interest rates are becoming the new normal

Strategies tried by countries such as Denmark are embraced by giants of the world economy.

NEGATIVE RETURNS: THE question all along has been this: Is there some tipping point at which negative rates would create mass withdrawals from the banking system? Well, maybe. But we aren't there yet. PHOTO: REUTERS

CENTRAL bankers have long talked about the problem of the "zero lower bound." That's the idea that interest rates can't be set below zero. It is an important concept because it would mean there is a limit on how much an economy can be stimulated using monetary policy.

The last few years...