You have also explored how these trends are relevant to issues of financial stability. I won’t attempt to repeat this strong line of research and analysis.
So far I’ve been discussing our near-term economic prospects. But the more interesting and important questions relate to the next few years rather than the next few months. They relate in large part to the secular stagnation arguments that were laid out yesterday in Larry Summers’ Mundell-Fleming lecture—in particular the behavior of the rate of productivity growth.