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Secular stagnation or stagnation policy? Steindl after Summers [PDF]
PSL Quarterly Review, 2016 The debate on secular stagnation suffers from vagueness and several shortcomings, which affect its economic policy implications. In this work we provide an alternative view on the advanced economies’ tendencies to stagnation, based on Josef Steindl’s ...
Eckhard Hein
doaj +6 more sources
Fiscal Policy in an Age of Secular Stagnation [PDF]
Comparative Economic Studies, 2020 An on-going period of secular stagnation in advanced economies has brought down interest rates, growth rates and inflation. Due to the relatively larger fall in interest rates, the differential between the interest rate paid on government debt and the output growth rate (IRGD) became lower and has even turned negative in most advanced economies.
Michael Buchner
exaly +4 more sources
EXPECTATIONS, STAGNATION, AND FISCAL POLICY: A NONLINEAR ANALYSIS
International Economic Review, 2022 AbstractStagnation and fiscal policy are examined in a nonlinear stochastic New‐Keynesian model with adaptive learning. There are three steady states. The steady state targeted by policy is locally but not globally stable under learning. A severe pessimistic expectations shock can trap the economy in a stagnation regime, underpinned by a low‐level ...
Seppo Honkapohja
exaly +9 more sources
Rapid growth or stagnation: An economic policy choice
Journal of Policy Modeling, 2014 Why has the American economy performed so poorly in the past decade, especially in comparison with the two prior decades? This paper makes the theoretical and empirical case that a series of economic policy decisions provides the most satisfactory explanation and that policy reform will restore good economic performance.
John B Taylor
exaly +3 more sources
Secular stagnation or stagnation policy? A post-Steindlian view* [PDF]
European Journal of Economics and Economic Policies: Intervention, 2016 The current debate on secular stagnation is suffering from some vagueness and several other shortcomings. The same is true for the economic policy implications. Therefore, I provide an alternative view on stagnation tendencies based on Josef Steindl's contributions.
Eckhard Hein
openaire +3 more sources
Expectations, Stagnation and Fiscal Policy [PDF]
SSRN Electronic Journal, 2016 Stagnation as the new norm and fiscal policy are examined in a New Keynesian model with adaptive learning determining expectations. We impose inflation and consumption lower bounds, which can be relevant when agents are pessimistic. The inflation target is locally stable under learning.
Evans, George W. +2 more
openaire +3 more sources
Secular Stagnation and Monetary Policy [PDF]
Review, 2016 This article is based on the author’s Homer Jones Memorial Lecture delivered at the Federal Reserve Bank of St. Louis, April 6, 2016.
Lawrence H. Summers
openaire +2 more sources
Understanding rice production stagnation in the Philippines: Regional evidence and development implications. [PDF]
PLoS ONEDespite decades of investment in agricultural research and rice development, the Philippines continues to face stagnation in domestic rice production.
Henry A Bartelet +3 more
doaj +2 more sources
Macroeconomic policies, wage developments, and Germany's stagnation [PDF]
, 2007 The paper fundamentally challenges the institutional sclerosis explanation of the present German economic stagnation. Instead we present a macroeconomic explanation focusing on the combined effects of too restrictive monetary policies, too restrictive ...
Achim Truger, Eckhard Hein
core +4 more sources
"Uncertainty, Policy Ineffectiveness, and Long Stagnation of the Macroeconomy" [PDF]
Japan and the World Economy, 2006 The standard analysis in macroeconomics depends on the assumption of the representative agent. However, when the degree of uncertainty becomes significant, we cannot ignore a simple fact that the macroeconomy consists of a large number of heterogeneous ...
Hiroshi Yoshikawa, Masanao Aoki
core +3 more sources