This is an automatically generated TL;DR, original reduced by 91%.

Does the U.S. economy face secular stagnation? I am skeptical, and the sources of my skepticism go beyond the fact that the U.S. economy looks to be well on the way to full employment today.

First, as I pointed out as a participant on the IMF panel at which Larry first raised the secular stagnation argument, at real interest rates persistently as low as minus 2 percent it's hard to imagine that there would be a permanent dearth of profitable investment projects.

In short, in an open economy, secular stagnation requires that the returns to capital investment be permanently low everywhere, not just in the home economy.

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