HKS Affiliated Authors
Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government
Charles W. Eliot University Professor
Excerpt
Excerpt
Why stagnation might prove to be the new normal. Lawrence Summer, December 15, 2013, Opinion. "Is it possible that the US and other major global economies might not return to full employment and strong growth without the help of unconventional policy support? The concern raised above rests on a number of considerations. First recovery has only kept up with population growth and normal productivity growth in the US, and has been worse elsewhere in the industrial world. Second, manifestly unsustainable bubbles, loosening of credit standards, along with very easy money, were sufficient to drive only moderate economic growth..." Link