U.S. Economic Prospects

June 23rd, 2014

Secular Stagnation, Hysteresis, and the Zero Lower Bound

In his February 24, 2014  remarks to the National Association of Business Economics, Summers said, “I want to take up these issues -secular stagnation, the idea that the economy re-equilibrates; hysteresis, the shadow cast forward on economic activity by adverse cyclical developments; and the significance of the zero lower bound for the relative efficacy of monetary and fiscal policies.”


 Read full .pdf