That’s former CEA Chair Miran’s argument in the FT. Is this assertion empirically validated? A graph from Hamilton, Harris, Hatzius and West (2016) suggests, maybe not:
Source: Hamilton et al. (2016) exhibit 3.3, as edited by Chinn.
If you see a clear positive association between growth and the real interest rate, then you have better eyes than I do.
The real rate-growth rate link is clear in a very simple, stylized New Keynesian model, as Hamilton et al. show:
