And while this theory of what drives interest rates and inequality is gaining traction, it's still far from the mainstream view.
"Monetary policy makers, particularly in the U.S., do not view the economy in this lens at all, yet," said New River's Matt Busigin, who wrote A Non-Monetary Explanation for Inflation in November 2013. "The next five to 10 years stand a high chance of being dominated by policy errors on the way to adjusting to a demographically driven policy function."