Secular Stagnation: New Challenges for the Industrialized Countries in the 21st Century

Gilles Dufrénot () and Meryem Rhouzlane

No 1818, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: This paper attempts to provide an overview of the main challenges facing industrialized in a context of secular stagnation. There is no consensus on the meaning of this concept and various alternative views coexist. We present the key issues in the debates today, accounting for phenomena like the slowdown in factor productivity, liquidity and safety traps, the decline of natural interest rates, the historical downward trend of potential growths and low inflation rates. We provide a bird’s eye survey of the available literature on the causes of secular stagnation from a historical perspective, the symptoms, the main causes as well as some policies proposed to overcome it. We give some illustrations for the United Kingdom, the United States, the euro area and Japan.

Keywords: secular stagnation; natural interest rates; history; industrialized countries (search for similar items in EconPapers)
JEL-codes: E31 E52 F3 F44 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2018-06
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (2)

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Working Paper: Secular Stagnation: New Challenges for the Industrialized Countries in the 21st Century (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:aim:wpaimx:1818

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