Ben Bernanke, recent former Chair of the Federal Reserve, has a new blog . And he's writing about low interest rates and so-called secular stagnation, a pre-WWII phrase recently resurrected by Larry Summers . The topic is dismal--hey, they're economists! But for those in the field it's a real hoot to see these titans of economic thought relieved of their official government duties and able to write openly about what they really think. These two share many views, but Ben has a less dismal outlook than Larry. Larry thinks we're stuck in a low-growth equilibrium, and low or even negative interest rates are here to stay without large, persistent fiscal stimulus. Ben thinks this situation is temporary, if long lived. He writes: I generally agree with the recent critique of secular stagnation by Jim Hamilton, Ethan Harris, Jan Hatzius, and Kenneth West . In particular, they take issue with Larry’s claim that we have never seen full employment during the past sev
Great presentation! Like your synthesis of some meaty topics. Is there a downloadable version?
ReplyDeleteR,
ReplyDeleteI'm not sure how to make those slides downloadable. If you email me I'll send them to you.
Hey dude, not to be nit-picky, but this is the one time the "o" should be used: Capitol Hill.
ReplyDeleteThanks BK. I need to get nit picked. I see others' typos all the time. Why can't I spot my own?
ReplyDeleteVery good presentation, in fairness.
ReplyDeleteColin
Very interesting presentation - nicely done.
ReplyDeleteJeff Reimer