IDEAS home Printed from https://ideas.repec.org/a/fip/fedfel/00134.html

The Global Growth Slump: Causes and Consequences

Author

Abstract

Demographic factors like slowing population and labor force growth, along with a global productivity slowdown, are fundamentally redefining achievable economic growth. These global shifts suggest the disappointing growth in recent years is a harbinger of the future. While the causes of the growth slump are well defined, the consequences will be shaped by choices that policymakers are grappling with around the globe. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at Macquarie University, Sydney, Australia, on June 27.

Suggested Citation

  • John C. Williams, 2017. "The Global Growth Slump: Causes and Consequences," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00134
    as

    Download full text from publisher

    File URL: http://www.frbsf.org/economic-research/files/el2017-19.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:cbo:report:523702 is not listed on IDEAS
    2. Anne Case & Angus Deaton, 2017. "Mortality and Morbidity in the 21st Century," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 397-476.
    3. Congressional Budget Office, 2017. "An Update to the Budget and Economic Outlook: 2017 to 2027," Reports 52801, Congressional Budget Office.
    4. David M. Byrne & John G. Fernald & Marshall B. Reinsdorf, 2016. "Does the United States Have a Productivity Slowdown or a Measurement Problem?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 109-182.
    5. repec:cbo:report:523701 is not listed on IDEAS
    6. Congressional Budget Office, 2017. "The Budget and Economic Outlook: 2017 to 2027," Reports 52370, Congressional Budget Office.
    7. Antonin Bergeaud & Gilbert Cette & Rémy Lecat, 2016. "Productivity Trends in Advanced Countries between 1890 and 2012," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(3), pages 420-444, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ioannis N. Kallianiotis, 2019. "Monetary Policy, Real Cost of Capital, Financial Markets and the Real Economic Growth," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(1), pages 1-4.
    2. Ioannis N. Kallianiotis & Iordanis Petsas, 2020. "The Effectiveness of the Single Mandate of the ECB and the Dual of the Fed," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-11.
    3. Ioannis N. Kallianiotis, 2021. "Monetary Policy Rules vs Discretion: Social Cost and Benefits," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 11(5), pages 1-6.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John C. Williams, 2017. "The Global Growth Slump: Causes & Consequences," Speech 180, Federal Reserve Bank of San Francisco.
    2. Josh Bivens, 2017. "A ‘High-Pressure Economy’ Can Boost Productivity," Challenge, Taylor & Francis Journals, vol. 60(5), pages 405-423, September.
    3. Daniel E. Sichel & J. Christina Wang, 2017. "The equilibrium real policy rate through the lens of standard growth models," Current Policy Perspectives 17-6, Federal Reserve Bank of Boston.
    4. Jorge Antunes & Goodness C. Aye & Rangan Gupta & Peter Wanke & Yong Tan, 2020. "Endogenous Long-Term Productivity Performance in Advanced Countries: A Novel Two-Dimensional Fuzzy-Monte Carlo Approach," Working Papers 2020111, University of Pretoria, Department of Economics.
    5. Jeff Mollins & Pierre St-Amant, 2018. "The Productivity Slowdown in Canada: an ICT Phenomenon?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 35, pages 95-112, Fall.
    6. Rod Tyers & Yixiao Zhou, 2023. "Automation and inequality with taxes and transfers," Scottish Journal of Political Economy, Scottish Economic Society, vol. 70(1), pages 68-100, February.
    7. John C. Williams, 2017. "The Perennial Problem of Predicting Potential," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    8. Richard V. Burkhauser & Kevin Corinth & Douglas Holtz-Eakin, 2021. "Policies to Help the Working Class in the Aftermath of COVID-19: Lessons from the Great Recession," The ANNALS of the American Academy of Political and Social Science, , vol. 695(1), pages 314-330, May.
    9. Kan Chen & Nathaniel Karp, 2018. "Natural interest rates in the U.S., Canada and Mexico," Working Papers 18/07, BBVA Bank, Economic Research Department.
    10. Michalis Nikiforos & Gennaro Zezza, 2017. "The Trump Effect: Is This Time Different?," Economics Strategic Analysis Archive sa_apr_17, Levy Economics Institute.
    11. Ian Goldin & Pantelis Koutroumpis & François Lafond & Julian Winkler, 2024. "Why Is Productivity Slowing Down?," Journal of Economic Literature, American Economic Association, vol. 62(1), pages 196-268, March.
    12. Claire Alestra & Gilbert Cette & Valérie Chouard & Rémy Lecat, 2020. "Long-term growth impact of climate change and policies: the Advanced Climate Change Long-term (ACCL) scenario building model," Working Papers halshs-02505088, HAL.
    13. Robert J. Gordon, 2018. "Why Has Economic Growth Slowed When Innovation Appears to be Accelerating?," NBER Working Papers 24554, National Bureau of Economic Research, Inc.
    14. Robert G. Murphy, 2019. "Can the Phillips Curve Explain Inflation over the Past Half-Century?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 25(2), pages 137-149, May.
    15. Gordon, Robert J., 2018. "Why Has Economic Growth Slowed When Innovation Appears To Be Accelerating?," CEPR Discussion Papers 13039, C.E.P.R. Discussion Papers.
    16. Fatás, Antonio & Summers, Lawrence H., 2018. "The permanent effects of fiscal consolidations," Journal of International Economics, Elsevier, vol. 112(C), pages 238-250.
    17. Canofari, Paolo & Marini, Giancarlo & Piergallini, Alessandro, 2020. "Financial Crisis and Sustainability of US Fiscal Deficit: Indicators or Tests?," Journal of Policy Modeling, Elsevier, vol. 42(1), pages 192-204.
    18. Congressional Budget Office, 2018. "CBO’s Projection of Labor Force Participation Rates: Working Paper 2018-04," Working Papers 53616, Congressional Budget Office.
    19. John C. Williams, 2017. "What’s the Future of Interest Rates? The Answer’s in the Stars," Speech 183, Federal Reserve Bank of San Francisco.
    20. Tomaz Cajner & Tyler Radler & David Ratner & Ivan Vidangos, 2017. "Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle," Finance and Economics Discussion Series 2017-071, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfel:00134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.