Secular stagnation – the origin of the concept, a review of the scientific literature and the nature of the academic debate
Abstract
A review is made of the origin of the term “secular stagnation”, its historical development and the evolving patterns of the academic debate on the subject in recent years. A significant focus is placed on the debate over the modelling of the natural interest rates, the factors which contribute to the historically low nominal and real interest rates in many advanced economies, as well as the specific structural characteristics behind the slowdown in economic growth in economies such as the USA, Japan and Europe.
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References
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