Kenneth Rogoff has been advancing theories that the current environment of disappointing growth rates is the result of a "debt supercycle", not "secular stagnation". He recently summarised his arguments within the article "Debt supercycle, not secular stagnation". Although would agree that some version of a "debt supercycle" theory is correct, I am unconvinced about Rogoff's description of the mechanisms. Meanwhile, I doubt that he will succeed in winning the argument - he is pushing against the unmoveable object that is the circular logic of the natural rate of interest.
Catching up with Minsky but still can't shake neoclassical assumptions.
Excellent simple summary.
Excellent simple summary.
The Debt Supercycle Versus Secular Stagnation
Brian Romanchuk
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