Lawrence Summers (2014): U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound: “The nature of macroeconomics has changed dramatically in the last seven years… …Now, instead of being concerned with minor adjustments to stabilize about a given trend, concern is focused on avoiding secular stagnation. Much of this concern arises from the long- … Continue reading Must-Read: Lawrence Summers (2014): U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound