Secular Sagnation Essay

47008 Words Aug 30th, 2014 189 Pages
Secular Stagnation: Facts, Causes and Cures
Edited by Coen Teulings and Richard Baldwin

CEPR Press

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A VoxEU.org Book

Secular Stagnation: Facts, Causes, and Cures
A VoxEU.org eBook

Centre for Economic Policy Research (CEPR)
Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: cepr@cepr.org Web: www.cepr.org ISBN: 978-1-907142-77-2 © CEPR Press, 2014

Secular Stagnation: Facts, Causes, and Cures
A VoxEU.org eBook

edited by Coen Teulings and Richard Baldwin

CEPR Press

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Centre for Economic Policy Research (CEPR)
The Centre for Economic Policy Research (CEPR) is a network of almost 900 research economists based mostly in European
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Not in your life Joel Mokyr Secular stagnation: US hypochondria, European disease? Nicholas Crafts 83

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Further on effective demand
8 9 A prolonged period of low real interest rates? Olivier Blanchard, Davide Furceri and Andrea Pescatori On the role of safe asset shortages in secular stagnation Ricardo J Caballero and Emmanuel Farhi 101

111 123

10 A model of secular stagnation Gauti B. Eggertsson and Neil Mehrotra 11 Balance sheet recession is the reason for secular stagnation Richard C Koo 12 Monetary policy cannot solve secular stagnation alone Guntram B Wolff

131

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Further on sclerosis
13 Secular stagnation: A view from the Eurozone Juan F. Jimeno, Frank Smets and Jonathan Yiangou 153

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About the contributors

Richard Edward Baldwin is Professor of International Economics at the Graduate Institute, Geneva since 1991, a part-time visiting research professor at the University of Oxford since 2012, Director of CEPR since 2014, and Editor-in-Chief of Vox since he founded it in June 2007. He was Co-managing Editor of the journal Economic Policy from 2000 to 2005, Policy Director of CEPR since 2006, and Programme

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