60 – Matt Klein on Greece, Optimal Currency Areas, and Safe Assets
Macro Musings with David Beckworth
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Larry Summers' Argument for Secular Stagnation
The BIS, Bank for International Settlements and Claudio Borio has pushed back against this view. The observed point is that real interest rates have gone down steadily over time across the rich world. This hasn't been associated with either faster growth or more inflation. And so I think my understanding of the Larry Summers' view is that people either just want to save more,. maybe there's a change in the distribution of wealth and income.
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