Secular Stagnation: The Long View
Four explanations for secular stagnation are distinguished: a rise in global saving, slow population growth that makes investment less attractive, averse 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.
Prepared for the ASSA Annual Meetings (Boston, January 2-5, 2015). I thank Joseph Root for careful research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.
- The greater the changes required by new technologies, the author reasons, the more growth may slow in the short run, but once...
Barry Eichengreen, 2015. "Secular Stagnation: The Long View," American Economic Review, American Economic Association, vol. 105(5), pages 66-70, May. citation courtesy of