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Public Debt, Secular Stagnation, and Functional Finance [PDF]
, 2015 Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion emerges from a range of different models, including OLG specifications and stock-flow consistent (post-) Keynesian models. One of the determinants of the required long-run debt ratio is the rate of economic growth. Low growth leads to
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Secular Stagnation and Macroeconomic Policy
IMF Economic Review, 2018Secular stagnation theory has developed substantially recently and offers substantial insights that policymakers have yet to fully internalize. This paper reviews the considerations that led me to revive the secular stagnation idea, summarizes the theory as I understand it today, and argues that events since I started advocating the secular stagnation ...
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Secular stagnation or technological lull?
Journal of Policy Modeling, 2020Abstract The slow recovery of the economy from the Great Recession and the lingering low real interest rates have led to fears of “secular stagnation” and calls for government aggregate demand stimulus to lift the growth rate of the economy. I present evidence that the current state of the U.S.
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Liquidity trap and secular stagnation [PDF]
, 2015 In this paper we analyze the link between the ZLB and slow growth in a model with heterogeneous agents and explicit money demand. While the model is neoclassical with small shocks, a large deleveraging shock in the spirit of Eggertsson and Krugman (2012) has permanent effects even with flexible prices. It affects supply rather than demand and implies a
Yannick Kalantzis +2 more
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