This paper argues that the amended versions (financial wedge and secular stagnation) of the simple pragmatic New Consensus model are as open to theoretical criticism as the original one was. The authors show that: (i) the real natural rate of interest is unlikely to be negative, (ii) it (inconsistently) depends on the Neoclassical investment function drawn at a position of full employment in a model in which the economy is demand-constrained, and (iii) both investment and full employment saving are induced by the trend of demand in the longer run and this challenges the usefulness of the notion of a natural or neutral rate of interest, which (iv) are also subject to the Sraffian capital critique. This is then contrasted with an alternative simple Sraffian supermultiplier model in which the interest rate and the financial wedge are distributive instead of allocative variables, and there is no natural rate of interest since in the longer run there is no trade-off between consumption and investment and also no full employment of labor. As the capital stock adjusts to demand, potential (capacity) saving will be determined by investment, and both investment and capacity saving increase when consumption increases. Finally, we briefly illustrate how this alternative model could begin to make sense of the recent relevant stylized facts. Classification†JEL: E11, E21, E22, E40

中文翻译：

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停滞和不自然的低利率：对修订后的新共识和 Sraffian 超级乘数替代方案的简单批评

本文认为，简单实用的新共识模型的修正版本（金融楔子和长期停滞）与原始模型一样容易受到理论批评。作者表明：（i）实际自然利率不太可能为负，（ii）它（不一致地）取决于在经济是需求的模型中充分就业的位置绘制的新古典投资函数 - (iii) 投资和充分就业储蓄都受到长期需求趋势的影响，这挑战了自然或中性利率概念的有效性，后者 (iv) 也受 Sraffian资本批判。这与另一种简单的 Sraffian 超乘数模型形成对比，其中利率和金融楔子是分配变量而不是分配变量，并且没有自然利率，因为从长远来看，消费和投资之间没有权衡也没有充分就业。随着资本存量适应需求，潜在（容量）储蓄将由投资决定，当消费增加时，投资和容量储蓄都会增加。最后，我们简要说明这个替代模型如何开始理解最近相关的程式化事实。分类 - JEL：E11、E21、E22、E40 并且没有自然利率，因为从长远来看，消费和投资之间没有权衡，也没有劳动力的充分就业。随着资本存量适应需求，潜在（容量）储蓄将由投资决定，当消费增加时，投资和容量储蓄都会增加。最后，我们简要说明这个替代模型如何开始理解最近相关的程式化事实。分类 - JEL：E11、E21、E22、E40 并且没有自然利率，因为从长远来看，消费和投资之间没有权衡，也没有劳动力的充分就业。随着资本存量适应需求，潜在（容量）储蓄将由投资决定，当消费增加时，投资和容量储蓄都会增加。最后，我们简要说明这个替代模型如何开始理解最近相关的程式化事实。分类 - JEL：E11、E21、E22、E40