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Secular stagnation in the open economy

Author: Gauti B Eggertsson; Neil R Mehrotra; Lawrence H Summers; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2016.
Series: Working paper series (National Bureau of Economic Research), no. 22172.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Conditions of secular stagnation -- low interest rates, below target inflation, and sluggish output growth -- now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities across countries. We find capital flows transmit recessions in a world with low interest rates and that policies that  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Gauti B Eggertsson; Neil R Mehrotra; Lawrence H Summers; National Bureau of Economic Research,
OCLC Number: 947005989
Notes: "April 2016"
Description: 1 online resource (12 unnumbered pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 22172.
Responsibility: Gauti B. Eggertsson, Neil R. Mehrotra, Lawrence H. Summers.

Abstract:

Conditions of secular stagnation -- low interest rates, below target inflation, and sluggish output growth -- now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities across countries. We find capital flows transmit recessions in a world with low interest rates and that policies that trigger current account surpluses are beggar-thy-neighbor. Monetary expansion cannot eliminate a secular stagnation and may have beggar-thy-neighbor effects, while sufficiently large fiscal interventions can eliminate a secular stagnation and carry positive externalities.

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