NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Short-Run Effects of Lower Productivity Growth. A Twist on the Secular Stagnation Hypothesis

Olivier Blanchard, Guido Lorenzoni, Jean-Paul L'Huillier

NBER Working Paper No. 23160
Issued in February 2017

---- Acknowledgments ----

Prepared for AEA meetings, January 2017. Thanks to Julien Acalin and Colombe Ladreit for excellent research assistance. Thanks to PIIE colleagues for comments, and to Flint Brayton for help with the FRB/US model and for comments on the draft. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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