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2016-12-08

Rogoff: If the US economy really does have massive quantities of underutilized and unemployed resources

the effect of Trump’s policies on growth could be considerable.

In Keynesian jargon, there is still a large multiplier on fiscal policy. 

It is easy to forget the biggest missing piece of the global recovery is business investment, and if it starts kicking in finally, both output and productivity could begin to rise very sharply.
Those who are deeply wedded to the idea of “secular stagnation” would say high growth under Trump is well-nigh impossible. But...




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