Jerome H Powell: International financial regulatory reform Speech by Mr Jerome H Powell, Member of the Board of Governors of the Federal Reserve System, at The University Club, New York, 2 July 2013.
A second version of the secular stagnation hypothesis, more than focussing on the demand side, contends that the most productivity-boosting innovations have already been invented. Critics of this version reply by underlining that the digital revolution has yet to deploy its effects on productivity or that the potential from frontier research fields such as robotics and genomics is powerful. B.