Robotics is expected to introduce an important new wave of innovation, but that will only make the question of jobs more complicated, requiring significant and difficult changes in the income redistribution systems of our societies. This secular stagnation thesis and the related declining real productivity also provide an explanation for the continuously decreasing real equilibrium interest rate.
The exogenous nature of the shock and lessons from previous crises have contributed to a broad consensus between policymakers and international institutions on the need for a strong response from fiscal and monetary policy, each supporting the economy within its own mandate.