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Macroeconomics in the Age of Secular Stagnation
Revue de l'OFCE, 2019 The “Great Recession” that began in 2008 plunged the economy into long-lasting stagnation with high unemployment, depressed output and very low inflation. This crisis, whose exceptional duration is difficult to explain using the theoretical tools of contemporary macroeconomics, invites us to enrich fundamental analysis.
Gilles Le Garrec, Vincent Touzé
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Secular Stagnation: Insights from a New Keynesian Model with Hysteresis Effects [PDF]
, 2016 To analyse the most important aspects of the Secular Stagnation hypothesis, this paper considers the effects of hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output.
van Aarle, Bas
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Secular Stagnation: Theory and Remedies [PDF]
Journal of Economic Theory, 2015 This paper relies on a Ramsey model with money to o¤er a simple theory of secular stagnation. The permanent failure of the economy to produce at full capacity results from three features: (i) The combination of the zero lower bound on the nominal ...
Michau, Jean-Baptiste
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Secular Stagnation: Determinants and Consequences for Australia [PDF]
SSRN Electronic Journal, 2017 Slack OECD economic performance and weaker macroeconomic policy support Summers's reuse of the phrase ‘secular stagnation’. Globalisation has redirected growth towards emerging economies, and anticipated rates of return on investment are impaired by perceived risk, institutionalised risk aversion, ageing and dependency, declining commitments to public ...
Grace Taylor, Rod Tyers
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Learning to believe in secular stagnation [PDF]
Economics Letters, 2017 This paper shows that a secular stagnation equilibrium as proposed by Eggertsson and Mehrotra (2014) is E-stable. This is in contrast to the often studied liquidity trap equilibrium that exists in representative agent New Keynesian models at the zero lower bound when there is active monetary policy following a Taylor rule.
Christopher G. Gibbs
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Economics: Journal Articles, 2014 This study analyzes the emergence of secular stagnation as the consequence of a rise in the preference for liquidity. Such a rise is caused by a persistent set of pessimistic expectations. This study also investigates the effectiveness of a broad range of demand-management policies in dealing with secular stagnation. To obtain these results, this study
Biagio Bossone
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Secular stagnation: The history of a macroeconomic heresy [PDF]
The European Journal of the History of Economic Thought, 2016 The paper presents a history of the concept of “secular stagnation”, from Alvin Hansen in the 1930s and 1940s to its recent revival by Larry Summers. We examine Hansen's ideas and those of young economists associated with him, notably Evsey Domar, Everett Hagen, Benjamin Higgins, Alan Sweezy, and Paul Samuelson, who were the economists who kept the ...
Roger E. Backhouse, Mauro Boianovsky
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Aggregate Demand, Functional Finance and Secular Stagnation [PDF]
European Journal of Economics and Economic Policies: Intervention, 2016 This paper makes three main points. Fiscal policy, first, may be needed in the long run to maintain full employment and avoid secular stagnation. If fiscal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of ...
Skott, Peter
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Technological Progress, Globalization, and Secular Stagnation [PDF]
Journal of Central Banking Theory and Practice, 2018 Abstract After the 2008 crisis, despite economic recovery that started in 2009, the world economy has experienced a downward shift of its growth path and a consequent decline. As shown at the beginning of this paper, this shift and growth rate stagnation are totally attributable to the economic dynamics in developed economies, the USA ...
Milenko Popović
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Stagnation and the Natural Rate of Interest:: Tracing the Roots of Lawrence Summers’s Theory of Secular Stagnation [PDF]
Over the past decade, Lawrence Summers has argued that stagnation cannot be rectified by monetary policy because it is the result of a negative natural rate of interest.
Backhouse, Roger e., Boianovsky, Mauro
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