منابع مشابه
Aggregate Demand, Functional Finance and Secular Stagnation
This paper makes three main points. Fiscal policy, rst, may be needed in the long run to maintain full employment and avoid secular stagnation. If scal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government consumption, and (iii) directly on the degree of inequality. The analysis, third, suggests that policies and ...
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The Great Recession was a deep downturn with long-lasting e ects on credit markets, labor markets and output. While narratives about what caused the recession abound, the persistence of GDP below its pre-crisis trend is puzzling. We propose a simple persistence mechanism that can be easily quanti ed and combined with existing models, even complex ones. Our solution rests on the premise that no ...
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Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical low levels in the aftermath of the global financial crisis. Understanding why interest rates have fallen is essential for both monetary policy and financial stability. This paper focuses on one of the factors that have been put forward in the literature within the secular stagna...
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The excess liquidity of the open economy has become one main factor influencing the monetary markets, financial markets and even the whole macroeconomic. In era of the post-crisis, many countries have implemented the loose monetary policies, especially the quantitative easing policy in the U.S. which worsened the situation of the excess liquidity. Under this background, it will be more meaning...
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Developed countries face the risk of a sustained lack of aggregate demand, i.e. secular stagnation. Demand-oriented growth models emphasizing the balance-of-payments constraint raise concerns about attendant adverse growth impacts on developing countries from reduced export growth. These concerns are well-founded, albeit less serious than the simplest version of these models would imply. Relaxi...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2016
ISSN: 0002-8282
DOI: 10.1257/aer.p20161106