The most interesting thing about this, looking back, is my failure to fully believe–in spite of Japan since 1990, in spite of the global savings glut, in spite of so many things that make it seem obvious in retrospect–that the naive Hicksian short run–which had already lasted for three years–could last for, potentially, more than … Continue reading Hoisted from the Grasping Reality Archives from Four Years Ago: The Interest Rate That Did Not Bark in the Night: The Surge in U.S. Treasury Debt and the Non-Reaction of Rates