SECULAR STAGNATION: DETERMINANTS AND CONSEQUENCES FOR AUSTRALIA

Grace Taylor and Rodney Tyers
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Grace Taylor: Business School, University of Western Australia and Reserve Bank of Australia, https://www.web.uwa.edu.au/person/grace.taylor

No 16-25, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: Slack OECD economic performance and weaker macroeconomic policy support Summers’ re-use of this phrase. Globalisation has redirected growth toward emerging economies and anticipated rates of return on investment are impaired by perceived risk, institutionalised risk aversion, ageing and dependency, declining commitments to public investment and R&D with rising shares directed to health, retained trade distortions, industrial concentration and slower human capital accumulation, not to mention unexpected global abundance of fossil fuels and a slower Chinese economy. The information and literature supporting these concerns is reviewed and implications for global and Australian policy are inferred.

Keywords: Global stagnation; Technical change; Returns and risk; Public investment; Ageing (search for similar items in EconPapers)
JEL-codes: E43 E44 E63 F44 H87 (search for similar items in EconPapers)
Pages: 65
Date: 2016
Note: MD5 = 5ad99f781daa74db685ed5e487a238f8
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Related works:
Journal Article: Secular Stagnation: Determinants and Consequences for Australia (2017)
Working Paper: Secular stagnation: Determinants and consequences for Australia (2017)
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