"We’ve had artificially low interest rates (+ QE) for over a decade now." No, you misunderstand the situation. We had artificially high interest rates for at l

"We’ve had artificially low interest rates (+ QE) for over a decade now." No, you misunderstand the situation. We had artificially high interest rates for at least the period from late 2008 to about 2014 -- if we assume the Taylor Rule is "the natural rate", as Taylor originally defined it in 1993, as the rate that allows the maximum possible employment balanced with just 2% inflation. For most of the period 2008-2014, that would have implied a rate of negative 5% interest, but banks cannot go much below 0%, so they were up against the zero lower bound, and so the rate was artificially high -- it was stuck at 0% when the economy needed it to fall to negative 5%, so as the restore what maximum employment could be achieved against the limit of 2% inflation. (Taylor himself later modified the Taylor Rule in response to feedback from Republicans, a story you can grasp from this: https://delong.typepad.com/sdj/2009/12/on-the-definition-of-a-taylor-rule.html https://delong.typepad.com/sdj/2009/12/on-the-definition-of-... )