Economic Growth

The global economy appears to be stuck in a pattern of low growth, low inflation and unresolved debt burdens. Is this a result of policy mistakes, or have the fundamental dynamics of the economy shifted into an era of little or no growth known as secular stagnation?

Paper

Some Thoughts on Secular Stagnation, Loanable Funds and the ZLB

Dec 2017

I have read the various conference papers and am struck by the fact that many use the (omnipresent New-Keynesian) model of an aggregate loanable funds market to diagnose secular stagnation and investigate possible remedies.

Paper

A Model of Secular Stagnation: Theory and Quantitative Evaluation

Dec 2017

This paper replaces an earlier version of a paper released in 2014 under the title “A Model of Secular Stagnation.”