The whole zero-interest rate narrative I see used in a variety of context is a bit silly. Real interest rates were seldom close to zero. During much of that t

The whole zero-interest rate narrative I see used in a variety of context is a bit silly. Real interest rates were seldom close to zero. During much of that time they were negative, for example. And during many other times, when we had rather high positive nominal rates, real rates were closer to zero (because of inflation), and the author doesn't say anything weird happened then.