Lower Productivity Growth (Blanchard et al.)

Short-run effects of lower productivity growth: A twist on the secular stagnation hypothesis by Olivier Blanchard, Guido Lorenzoni, and Jean Paul L’Huillier published by PIIE (2/2017). “Since 2010, despite interest rates being very close to zero, US GDP growth has been anemic, averaging 2.1 percent a year. Historicallly, such sustained low rates would have been expected to lead to much stronger demand. But this time they have not.” 

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