Slow growth need not be the ‘new normal’ – Richmond Fed paper
Authors give reasons for optimism about the future of US economic growth
The US is not necessarily doomed to accept a "new normal" of growth at 1.5–2.0% – well below historical averages – according to economists at the Federal Reserve Bank of Richmond.
An article published as part of the reserve bank's annual report says some factors behind long-run growth are largely out of policy-makers' hands – such as the birth rate – but other factors may be more easily controlled.
Authors Aaron Steelman and John Weinberg focus on methods of improving technological growth as the
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