Economist John Cochrane has a model (see also here which predicts R will approach 1. I expect it’s part of what’s happening, but it implies more oscillations above and below 1 than seem to be happening.
His model sounds quite a bit like the dance portion of Tomas Pueyo’s The Hammer and the Dance.
Economist John Cochrane has a model (see also here which predicts R will approach 1. I expect it’s part of what’s happening, but it implies more oscillations above and below 1 than seem to be happening.
His model sounds quite a bit like the dance portion of Tomas Pueyo’s The Hammer and the Dance.