Faculty News
In a co-authored op-ed, Professor Michael Spence responds to Larry Summers' criticism of his views on quantitative easing
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Excerpt from The Wall Street Journal -- "We acknowledge that U.S. economic performance is better than many other major developed economies. But we are unwilling to resort to a theory of 'secular stagnation' to rationalize modest economic performance and low investment. We suggest an alternative explanation that focuses on the interaction of the new conduct of monetary policy with the level and composition of aggregate demand. The importance of the policy issue demands a rigorous and open-minded discussion."
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Additional coverage appeared on the Financial Times.
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Additional coverage appeared on the Financial Times.