Abstract
I would like to thank Michael Peterson very much for his generous words of introduction and for his thoughtful observations about the long-run economic challenges that our country faces. You do not, however, get to the long run except through the short run, and what happens in the short run has a profound impact on the long run. To reverse Keynes a bit, if you die in the short run, there is no long run. So my preoccupation this morning will be with a set of temporary but, I believe, ultimately long-term concerns.
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Reference
Laubach, Thomas and John C. Williams. 2003. “Measuring the Natural Rate of Interest.” Review of Economics and Statistics, 85(4): 1063–1070.
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© 2016 Lawrence H. Summers
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Summers, L.H. (2016). 2014: Us Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound. In: Crow, R.T. (eds) The Best of Business Economics. Palgrave Macmillan, New York. https://doi.org/10.1007/978-1-137-57251-6_38
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DOI: https://doi.org/10.1007/978-1-137-57251-6_38
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-57417-9
Online ISBN: 978-1-137-57251-6
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