Piecing together a financial theory of stagnation
Thinkers at the BIS AGM offer views on how the financial system may be dragging down the real economy
It is not hard to see why Hélène Rey was invited to give the latest Andrew Crockett Memorial Lecture at the Bank for International Settlements (BIS) this year. Besides establishing herself as a heavyweight economist in her own right, her ideas are very much in step with some of the leading thinkers at the Basel-based institution. “My view is that real rates are low because we have just lived through the largest boom-bust cycle since the Great Depression,” she told central bankers assembled for
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