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Last Updated: 08/31/16

Are Low Monetary Policy Rates the New Normal?

A speech delivered on August 31, 2016, at the Shanghai Advanced Institute of Finance in Beijing, China.


Bernanke, Ben, 2005, “The global saving glut and the U.S. current account deficit,” remarks of Federal Reserve Governor at the Sandridge Lecture, Virginia Association of Economists, Richmond, VA, March 10.

Byrne, David M., John G. Fernald and Marshall B. Reinsdorf, 2016, “Does the United States have a productivity slowdown or a measurement problem?,” Federal Reserve Bank of San Francisco, working paper, No. 2016-03, March.

Federal Open Market Committee, 2016, Summary of Economic Projections, Washington, DC, June 15.

Gordon, Robert J., 2012, “Is U.S. economic growth over? Faltering innovation confronts the six headwinds,” National Bureau of Economic Research, No. 18315, August.

Greenspan, Alan, 2005, Testimony of the Federal Reserve Chairman before the U.S. Senate, Committee on Banking, Housing and Urban Affairs, Washington, DC, February 16.

Krugman, Paul R., 1998, “It’s baaack: Japan’s slump and the return of the liquidity trap,” Brookings Papers on Economic Activity, Vol. 29, No. 2, pp. 137–206.

Summers, Lawrence H., 2014, “U.S. economic prospects: Secular stagnation, hysteresis, and the zero lower bound,” Business Economics, Vol. 49, No. 2, April, pp, 65–73.

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