...asked whether monetary policy leaves permanent scars, via innovation, on activity
FFS how can this possibly be considered the most interesting paper at Jackson Hole. Shall we keep interest rates at zero forever in the hope free money ends up in a good start up whilst making any dumb venture capitalists filthy rich? You know what depends on interest rates as well? Financial stability and inflation. These keynesian academics really desperately trying to find any new excuse for their failed ideology. When the day of reckoning comes, and it will come soon as all the major economies are on unsustainable fiscal paths, all these experts should be sent to jail. So much intellectual dishonesty and click baiting fake research papers obviously full of qualifiers to hedge their bets.