Must-Read: Jay Shambaugh: Why the United States Needs the World to Grow

Must-Read: Jay Shambaugh: Why the United States Needs the World to Grow: “Looking forward, we need to take demand seriously and we need to take productivity growth seriously…

…and we need to see the links…. It seems highly unlikely that the trends from the past few years represent changes to economic fundamentals…. But we need to recognize that even years after the financial crisis the challenges and interconnections of the global economy look somewhat different that they normally do—which is why a concerted, truly global effort to lift growth is still needed.