I'm borrowing Cullen Roche's title and his post is a good entry in the latest macro discussion prompted by Martin Feldstein. Brad DeLong is curious about why the "omega point" -- i.e. the long run where interest rates and monetary policy return to 'normal' -- still seems so far in the future. DeLong is also
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Does a liquidity trap ever end?
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I'm borrowing Cullen Roche's title and his post is a good entry in the latest macro discussion prompted by Martin Feldstein. Brad DeLong is curious about why the "omega point" -- i.e. the long run where interest rates and monetary policy return to 'normal' -- still seems so far in the future. DeLong is also