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

Gilles Dufrénot and Meryem Rhouzlane ()
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Gilles Dufrénot: AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique

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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: industrialized countries; secular stagnation; natural interest rates; history (search for similar items in EconPapers)
Date: 2018-06
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01821669
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