Contents
Introduction
Coen Teulings and Richard Baldwin
Opening the debate
1 Reflections on the ‘New Secular Stagnation Hypothesis’
Lawrence H Summers
Three issues: Potential growth, effective demand, and sclerosis
2 Secular stagnation: A review of the issues
Barry Eichengreen
3 The turtle’s progress: Secular stagnation meets the headwinds
Robert J Gordon
4 Four observations on secular stagnation
Paul Krugman
5 Secular joblessness
Edward L Glaeser
Further on potential growth
6 Secular stagnation? Not in your life
Joel Mokyr
7 Secular stagnation: US hypochondria, European disease?
Nicholas Crafts
Further on effective demand
8 A prolonged period of low real interest rates?
Olivier Blanchard, Davide Furceri and Andrea Pescatori
9 On the role of safe asset shortages in secular stagnation
Ricardo J Caballero and Emmanuel Farhi
10 A model of secular stagnation
Gauti B. Eggertsson and Neil Mehrotra
11 Balance sheet recession is the reason for secular stagnation
Richard C Koo
12 Monetary policy cannot solve secular stagnation alone
Guntram B Wolff
Further on sclerosis
13 Secular stagnation: A view from the Eurozone
Juan F. Jimeno, Frank Smets and Jonathan Yiangou