For a more skeptical assessment of the secular stagnation hypothesis, see Hamilton and others, “The Equilibrium Real Funds Rate,” in note 8. 11  A number of studies have shown, using model simulations, that policymakers can improve macroeconomic performance by adjusting the stance of monetary policy more cautiously in response to changes in economic conditions when the economy’s equilibrium real interest rate is uncertain.
For a survey of the literature on this issue, see John B. Taylor and John C. Williams (2010), “Simple and Robust Rules for Monetary Policy,” in Benjamin M. Friedman and Michael Woodford, eds., Handbook of Monetary Economics, vol. 3B (San Diego: Elsevier), pp. 829–59.