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Secular Stagnation: Determinants And Consequences For Australia

Author

Listed:
  • Grace Taylor

    (Business School, University of Western Australia and Reserve Bank of Australia)

  • Rod Tyers

    (Business School, University of Western Australia and Research School of Economics, and Centre for Applied Macroeconomic Analysis (CAMA) Australian National University)

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.

Suggested Citation

  • Grace Taylor & Rod Tyers, 2016. "Secular Stagnation: Determinants And Consequences For Australia," Economics Discussion / Working Papers 16-25, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:16-25
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    More about this item

    Keywords

    Global stagnation; Technical change; Returns and risk; Public investment; Ageing;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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