The idea of secular stagnation: Three Versions-Reference-Cited by-同舟云学术

The idea of secular stagnation: Three Versions

Published:2015-05-20 Issue:5 Volume: Page:104-133
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Kapeliushnikov R.¹

Affiliation:

1. Institute of World Economy and International Relations, Russian Academy of Sciences (Moscow, Russia); Centre for Labour Market Studies, National Research University Higher School of Economics (Moscow, Russia)

Abstract

The paper critically analyses the idea of “secular stagnation” actively discussed in the recent economic literature. It examines the most popular versions of this idea offered by T. Cowen, R. Gordon and L. Summers. Key arguments include, respectively, the exhaustion of the main sources of economic growth, the emergence of new impediments to growth, and the output gap that cannot be reduced by traditional macroeconomic policy measures. The author concludes that in the next decades a slowdown of economic growth in the U.S. is highly probable although it can hardly be characterized as “stagnation”.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference31 articles.

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