Economic Growth
The global economy appears to be stuck in a pattern of low growth, low inflation and unresolved debt burdens. Is this a result of policy mistakes, or have the fundamental dynamics of the economy shifted into an era of little or no growth known as secular stagnation?
Some Thoughts on Secular Stagnation, Loanable Funds and the ZLB
I have read the various conference papers and am struck by the fact that many use the (omnipresent New-Keynesian) model of an aggregate loanable funds market to diagnose secular stagnation and investigate possible remedies.
Stagnation Traps
Are Low Real Interest Rates Here to Stay?
Long-term real interest rates across the world are low, having fallen by about 450 basis points (bps) over the past thirty years.
A Model of Secular Stagnation: Theory and Quantitative Evaluation
This paper replaces an earlier version of a paper released in 2014 under the title “A Model of Secular Stagnation.”
Friendly Fire
Response to Peter Bofinger's "Friendly Fire"
I am grateful to Professor Peter Bofinger for alleviating some of the worries I had after reading his VoxEU paper. To be clear, his comment leaves no doubt that he:
Rejoinder to Flassbeck and Lapavitsas
It is high time to ditch this myth for at least the following five reasons.
Trumping Capitalism?
Capitalism in the Time of Trump?
The Dangers of Financialization
The financial system no longer funds new ideas and projects — only about 15 percent of the money coming out of financial institutions goes into business investment; the rest is spent buying and selling existing financial instruments.
Escaping the New Normal of Weak Growth
Eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. With monetary policy unable to stimulate demand, or even inflation, it’s time for fiscal authorities to relieve the burden on central banks.
Secular Stagnation? The Future Challenge for Economic Policy
History of Economics on the Making
New topics and approaches make their way into two recent conferences on the history of economics