The US capital glut and other myths

Alan Auerbach, Laurence Kotlikoff

Very low bond yields and large current account deficits in recent years have led to claims of a capital glut and secular stagnation in advanced economies. This column argues that the US is not experiencing either. It finds no significant increase in the capital-output ratio nor a decline in the marginal product of capital. Instead, there has been a dramatic decline in both national saving and net investment during the post-war period, due to lower household saving and distribution of resources from the young to the elderly.

Πηγή: Voxeu

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