The most important monetary trend of the past 30 years is the relentless decline in real yields on Treasury bonds, from 7 per cent to roughly zero. We can debate the causes of the decline, but there is no evidence that it will turn around soon. That means the US economy is likely to hit the zero bound in future recessions, again and again.
That is Scott Sumner writing in the Financial Times, about Larry Summers and the chairmanship of the Federal Reserve. I doubt very many people (myself included) have thought clearly enough about their ideal government response to The Next ZLB Recession.