U.S. Economic Prospects¶
Summers, L. H. (2014). U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound. Business Economics.
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1 citation across 1 artifact.
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Domain-specific¶
- Secular Stagnation
- On the saving side, structural forces push households and institutions to accumulate financial claims rather than spend: aging populations with long retirement horizons, rising inequality concentrating income in households with high saving propensities, corporate precautionary saving, and foreign reserve accumulation by surplus economies
This sourceSummers's account of rising saving propensities from widening income inequality, corporate retained earnings and official reserve accumulation. Summers's investment-side drivers of low rates: slower population growth, cheaper capital goods needing less spending, and capital-light firms. Summers's 2014 diagnosis of post-crisis advanced economies as threatened by secular stagnation, an idea he traces to Alvin Hansen.
Supported in partVerified against the source
- On the saving side, structural forces push households and institutions to accumulate financial claims rather than spend: aging populations with long retirement horizons, rising inequality concentrating income in households with high saving propensities, corporate precautionary saving, and foreign reserve accumulation by surplus economies
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