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The "Money Illusion" Keeps the Economy Hot | Juliette Declercq
Forward Guidance
The Macro Paradigm Shift
For the past 30 years, there's been a very entrenched belief that the reason for low yields and low growth potential is basically demographics. We used to be growing in the labor force above say like where above 2% in the 2000s; we're now converging to just above zero in the mid-25s. And so we haven't moved away from that macro shift but COVID has changed all of our thinking about what it takes to get out of this trap.
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