A Model of Secular Stagnation¶
Eggertsson, G. B., & Mehrotra, N. R. (2014). A Model of Secular Stagnation.
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Domain-specific¶
- Secular Stagnation
- … apparatus — a saving-investment imbalance that drives the natural rate below zero, an institutional floor on nominal rates, and a demand shortfall absorbed in place of rate adjustment — carries intact from Hansen's late-Depression United States to Summers's post-2008 advanced economies to Japan's lost decades
This sourceAn overlapping-generations New Keynesian model in which an oversupply of saving produces a permanent or very persistent slump with no self-correcting force to full employment, which the authors say sheds light on the long persistence of the Japanese crisis, the Great Depression, and the slow recovery from the Great Recession.
- … apparatus — a saving-investment imbalance that drives the natural rate below zero, an institutional floor on nominal rates, and a demand shortfall absorbed in place of rate adjustment — carries intact from Hansen's late-Depression United States to Summers's post-2008 advanced economies to Japan's lost decades
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