Past Interest Rates and Future Growth (Project-Syndicate)

In studying the roots of macroeconomic trends across the advanced economies in recent decades, it is tempting to conclude that a declining rate of output growth is the inevitable result of deeper historical forces and intractable structural factors. But secular stagnation is well within our power to reverse.

Willem H. Buiter, a former chief economist at Citigroup, is a visiting professor at Columbia University.

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