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2014: Us Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound

  • Lawrence H. Summers

Abstract

I would like to thank Michael Peterson very much for his generous words of introduction and for his thoughtful observations about the long-run economic challenges that our country faces. You do not, however, get to the long run except through the short run, and what happens in the short run has a profound impact on the long run. To reverse Keynes a bit, if you die in the short run, there is no long run. So my preoccupation this morning will be with a set of temporary but, I believe, ultimately long-term concerns.

Keywords

Interest Rate Monetary Policy Federal Reserve Real Interest Rate Real Rate 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Reference

  1. Laubach, Thomas and John C. Williams. 2003. “Measuring the Natural Rate of Interest.” Review of Economics and Statistics, 85(4): 1063–1070.CrossRefGoogle Scholar

Copyright information

© Lawrence H. Summers 2016

Authors and Affiliations

  • Lawrence H. Summers
    • 1
  1. 1.Harvard UniversityUSA

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