“The Age of Secular Stagnation: What It Is and What to Do about It,” Foreign Affairs, vol. 95 (March/April), pp. 2-9, https://www.foreignaffairs.com/articles/united-states/2016-02-15/age-secularstagnation. Appendix Here we review the simulations that underlie the estimates of the effects of various economic disturbances for their implications for the long-run equilibrium real federal funds rate, using simulations of the staff’s FRB/US model.
The result is that – regardless of the launch of a single securities settlement engine (T2S) and the single legal framework (CSDR) – the market has remained national, from the perspective of securities issuance. Debt instruments, even supranational ones, are issued nationally and issuers and investors often fail to reach each other across Europe.