Tomas Hirst on the Decline in the Medium-Run Natural Interest Rate

In the Alphaville post linked above, Tomas Hirst gives a persuasive account of why the level of interest rates that will hold after economic recovery is likely to be lower than in the past. 

(For the difference between the medium-run natural interest rate and the short-run natural interest rate, see “The Medium-Run Natural Interest Rate and the Long-Run Natural Interest Rate.”)