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Secular Stagnation (We're All Doomed!)

Vox have just released an e-book entitled Secular Stagnation: Facts, Causes and Cures. The list of contributors is impressive - Larry Summers, Paul Krugman, Barry Eichengreen, Edward Glaesar, Nick Crafts, Joel Mokyr are just some of the authors. The book's summary is here. The workable definition of secular stagnation which emerges from the book is "that negative real interest rates are needed to equate saving and investment with full employment." The main concern of the authors is "that secular stagnation makes it harder to achieve full employment with low inflation and a zero lower bound on policy interest rates."



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