Further Thinking on the Costs and Benefits of Deficits. Jason Furman, Lawrence Summers, April 22, 2019, Opinion, “In recent months the debate over the future of fiscal policy has intensified. For example, Olivier Blanchard, in his presidential address to the American Economic Association this year, highlighted the implications of the empirical fact of sustained low real interest rates for fiscal policy, and others have debated the purported changes in the nature of economic theory itself—most notably modern monetary theory (MMT). In January we made our own contribution to the fiscal policy debate in Foreign Affairs. We offer here our current perspectives on a number of issues that have emerged as most salient in the months of discussion since then.Link