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?


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.


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.”


Response to Peter Bofinger's "Friendly Fire"

Jan 20, 2016

I am grateful to Professor Peter Bofinger for alleviating some of the worries I had after reading his VoxEU paper. To be clear, his comment leaves no doubt that he:


Rejoinder to Flassbeck and Lapavitsas

Jan 28, 2016

It is high time to ditch this myth for at least the following five reasons.


The Dangers of Financialization

Oct 10, 2016

The financial system no longer funds new ideas and projects — only about 15 percent of the money coming out of financial institutions goes into business investment; the rest is spent buying and selling existing financial instruments.


Escaping the New Normal of Weak Growth

Oct 7, 2016

Eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. With monetary policy unable to stimulate demand, or even inflation, it’s time for fiscal authorities to relieve the burden on central banks.


History of Economics on the Making

Jun 1, 2015

New topics and approaches make their way into two recent conferences on the history of economics