Indeed, to the extent that easy money works by accelerating investments and pulling forward demand, it will actually reduce neutral real rates later on. (larrysummers.com)
It is important to recognize in this regard that once the decline in neutral real rates is recognized policy is much less accommodative than is often supposed. (larrysummers.com)
Though a 2 percent neutral real rate is assumed in the model, most economists agree that this number changes through time, based on productivity trends and exogenous shocks to the economy. (hussman.net)