Documente Academic
Documente Profesional
Documente Cultură
Lawrence H. Summers
Source: CBO.
67
Lawrence H. Summers
~10% (11%)
Capital
~50% (48%)
~40% (41%)
150
100
50
1900
1950
Date
2000
68
Percent
100
80
60
40
1946
1960
1973
1987
2001
2014
Date
Lawrence H. Summers
Percent
1.5
1.0
0.5
0.0
1950
1960
1970
1980
1990
Date
2000
2010
12
Percent
10
6
Ratio
0.95
4
1950
1960
1970
1980
Date
1990
2000
2010
0.9
0.85
0.8
1980
1985
1990
1995 2000
Date
2005
2010
15
10
0
1940
1960
1980
Year
70
Case 1
(inflation = 3%)
Case 2
(inflation = 1%)
Nominal Rate
5%
1.67%
Pre-Tax Real
Rate
2%
0.67%
Post-Tax Real
Rate
0%
0%
1920
2015
2000
2020
Notes: Total assets in USD, ratio to nominal GDP in USD. Advanced economies: Australia, Canada, Denmark, the Euro Area,
Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, and the United States. Emerging economies:
Argentina, Brazil, Chile, China, Chinese Taipei, Colombia, the Czech Republic, Hong Kong SAR, Hungary, India, Indonesia, Korea,
Malaysia, Mexico, Peru, the Philippines, Poland, Russia, Saudi Arabia, Singapore, South Africa, Thailand and Turkey. Sources: IMF,
National Data, Haver Analytics & Fulerum Asset Management.
Source: Financial Times.
Percent
0
1960q1
1970q1
1980q1
1990q1
2000q1
2010q1
Date
Lawrence H. Summers
REFERENCE
Laubach, Thomas and John C. Williams. 2003. Measuring the
Natural Rate of Interest. Review of Economics and
Statistics, 85(4): 10631070.
73