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.”

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