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Secular stagnation – the origin of the concept, a review of the scientific literature and the nature of the academic debate

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  • Dilian Vassilev

Abstract

A review is made of the origin of the term “secular stagnation”, its historical development and the evolving patterns of the academic debate on the subject in recent years. A significant focus is placed on the debate over the modelling of the natural interest rates, the factors which contribute to the historically low nominal and real interest rates in many advanced economies, as well as the specific structural characteristics behind the slowdown in economic growth in economies such as the USA, Japan and Europe.

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  • Dilian Vassilev, 2020. "Secular stagnation – the origin of the concept, a review of the scientific literature and the nature of the academic debate," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 137-158.
    • Handle: RePEc:bas:econth:y:2020:i:2:p:137-158
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    More about this item

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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