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Ken Rogoff: The world cannot grow its way out of this slowdown

Ken Rogoff: "The world cannot grow its way out of this slowdown" at FT (subscription required).  From Mark Thoma: "Kenneth Rogoff says we need to raise interest rates to prevent inflation, to quit trying to stimulate the economy with fiscal policy, and allow financial institutions to fail."  A very interesting debate is going on.  Please watch out!  My education tells me we have to think through current situation of natural interest rate.  Does USA have a big negative shock?  So, the fact that crux of the matter is housing market is very interesting.  It is investment of household sector.  Do we have to calculate natural interest rate at household production function?  I don't really know.

Paul Krugman quickly posted his demand of a deeper analysis.  If you want to read an outsider's analysis, take a look at Economist's Free Exchange.

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