Larry Summers talk on secular stagnation has led to a burst of discussion on whether nominal interest rates may be at their Zero Lower Bound (ZLB) for longer than we might have thought. I would like to use this post to clarify a number of different ideas that may be involved here. Crucial to this discussion is […]
Some months ago it became known that Federal Reserve Chairman Ben Bernanke was likely to step down as the end of his second term of appointment drew near. Initially, Federal Reserve Vice-Chair Janet Yellen appeared the favorite to succeed Bernanke, but now it seems as though Larry Summers has become the Obama administration’s preferred candidate. […]
Professor Larry Summers of Harvard University discusses economic policy on both sides of the Atlantic and attacks the intellectual foundation of austerity. This keynote speech was recorded at the Policy Network conference ‘The Quest for Growth’ held at the London Stock Exchange on 6th September 2012.
English is the dominant language of the Internet, business, and world trade. Do we need another? This column applies an economist’s rationale to the question. “I don’t speak English. Kurdish I speak, and Turkish, and gypsy language. But I don’t speak barbarian languages.” “Barbarian languages?” “English! German! Ya! French! All the barbarian”. —Yasar Kemal, a […]
Forget Barack Obama. Forget the Hu Jintao/Wen Jiaboa duo, or David Cameron or Vladimir Putin. Germany’s Chancellor Angela Merkel is the world’s most important leader. The latest report showing Germany’s economy growing at a blistering annual rate of nearly 9%, well into recovery from a US-made economic collapse, is just further evidence of the obvious. Despite […]