Secular Stagnation: The Long View
American Economic Review
vol. 105,
no. 5, May 2015
(pp. 66-70)
Abstract
Four explanations for secular stagnation are distinguished: a rise in global saving, slow population growth that makes investment less attractive, adverse trends in technology and productivity growth, and a decline in the relative price of investment goods. A long view from economic history is most supportive of the last of these four views.Citation
Eichengreen, Barry. 2015. "Secular Stagnation: The Long View." American Economic Review, 105 (5): 66-70. DOI: 10.1257/aer.p20151104Additional Materials
JEL Classification
- E21 Macroeconomics: Consumption; Saving; Wealth
- E23 Macroeconomics: Production
- E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E31 Price Level; Inflation; Deflation
- E32 Business Fluctuations; Cycles
- O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence