I refer to Richard Holden’s perceptive piece on the Larry Summers versus Oliver Blanchard debate on the future of growth, inflation, and rates (February 7).

Summers thinks the secular stagnation of the 2010s will morph into secular stagflation (including high interest rates) in the post-COVID 2020s. Blanchard sees a return to secular stagnation (plus low though not zero rates). My guess is that Blanchard is right because the three Ds of demography, deleveraging and digitisation are deflationary.