Borio questions Larry Summers on ‘secular stagnation’
Two teams of economists present fresh evidence for divergent views of low real rates
Claudio Borio and two co-authors present fresh evidence challenging the standard framing of the secular stagnation hypothesis in a new paper.
Their argument comes just a few weeks after former US Treasury secretary and distinguished macroeconomist Larry Summers and co-author Łukasz Rachel set out new evidence in favour of the secular stagnation theory. Summers has been the main proponent of the idea that secular stagnation, a concept first formulated by the late Alvin Hansen during the 1930s
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