Abstract
This chapter is concerned with demand-side theories of secular stagnation, providing a thorough analysis of the stagnation hypotheses of various economists emphasizing secular stagnation as a demand-side issue. These include the pre-Keynesian underconsumptionists Jean Charles Léonard Simonde de Sismondi, Thomas R. Malthus, and John A. Hobson, as well as several twentieth-century economists. Among the latter are John M. Keynes, Alvin H. Hansen—also known as the American Keynes—as well as Michał Kalecki and Josef Steindl. Finally, the theory of Lawrence H. Summers, often referred to as a revival of Hansen’s stagnation theory, is discussed as the most recent example of a demand-side stagnation hypothesis.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The classical version of Say’s Law refers to the equality of ex-ante saving and ex-ante investment at full utilization of capital. Full employment of labor, however, is not assumed (Hagemann and Kurz 1997; Kurz 2010, pp. 377–378). At full employment of capital, unemployment of labor can be caused by insufficient productive capacity, a phenomenon referred to as capacity-constrained unemployment or classical unemployment. See, for example, Mitchell (2017, p. 62), Arestis et al. (1998), Spahn (1986, pp. 244–245), Burns and Mitchell (1985, p. 6), and Erber et al. (1998, p. 172).
- 2.
The consumption-oriented, left-Keynesian position of the Working Group Alternative Economic Policy in Germany, also known as the Memorandum-Group, can be regarded a modern equivalent to Simonde de Sismondi’s viewpoint. See, for example, Arbeitsgruppe Alternative Wirtschaftspolitik (1978, pp. 88–92, 1979, pp. 72–74).
- 3.
Like Keynes, Schumpeter ([1941] 1991, p. 369) as well did not consider expansionary monetary policy an adequate remedy for economic weakness. See also Dal Pont Legrand and Hagemann (2016, p. 25, 2017, p. 250).
- 4.
For a contemporary interpretation and critical assessment of Keynes’s prediction of a considerable reduction in working hours, see also the essays in Pecchi and Piga (2008).
- 5.
In the form of land, labor, and technology, Hansen’s three exogenous factors are also included in a typical neoclassical production function. By considering these factors merely as necessary stimuli for investment demand, however, Hansen took a purely demand-side point of view. See also Verspohl (1971, pp. 238–239).
- 6.
- 7.
Nonetheless, according to Hansen (1938, p. 328, 1955, p. 544) secular stagnation had already occurred in the nineteenth century. He particularly pointed to the period from 1873 until 1896, the so-called Long Depression between the end of the railroad boom and the emergence of new industries such as electricity and automobiles.
- 8.
- 9.
Prior to Hansen, the impact of changes in population on economic activity had been thoroughly analyzed by the German economist August Lösch, a student of Eucken, Schumpeter, and Spiethoff—with the latter two having also influenced Hansen. Described as an extraordinary economist, Lösch joined The Kiel Institute for the World Economy in 1940, where he was promoted to senior researcher in 1941—only four years before his sudden death (Zottmann 1949, pp. 28–29; Samuelson 1976, pp. 27–28; Christian-Albrechts-Universität zu Kiel 2017). Based on empirical developments in Germany, Lösch (1936, 1937, 1938) suggested a positive nexus between population growth and economic performance. Most important, he claimed population changes to be the driving force, with business activity following suit mainly due to the impact on capital investment. In his obituary, Wolfgang Stolper mentioned the importance of “[...] Lösch’s population study [...], since the relation of population growth and business cycles has aroused new interest through the Keynes-Hansen-Terborgh discussion, through the stagnation thesis [...]” (Stolper in Lösch 1954, p. viii). Hansen (1937), on the other hand, was surprisingly critical of Lösch’s (1936) work, mentioning that population changes and economic activity were likely to mutually influence each other.
- 10.
To ensure full employment of productive resources, Hansen and other economists involved in the stagnation debate frequently emphasized the need for capital investment sufficient to absorb full-employment saving (see, for example, Hansen 1938, pp. 313, 324, 329, 1939, p. 11, 1940b, pp. 3502, 3511, 3514, 3542; Terborgh 1945, pp. 48, 63). Investment, however, does not absorb, but rather creates an equal amount of saving by its impact on national income. If planned investment falls short of desired saving at full employment, both full-employment income and full-employment saving cannot be realized. Investment determines saving, or, as Moore (2002, p. 153) puts it, “Actual saving is the accounting record of actual investment.” It is not the flow of saving which finances investment, but the stock of money. See also Spahn (1986, pp. 93–95, 246–247) and Lindner (2012).
- 11.
Especially in the early 1930s, when he was still teaching at the University of Minnesota, Hansen (1931, 1932b) also addressed the issues of labor-saving technological progress and technological unemployment, arguing that it is “[...] possible that [...] [technologically] displaced labor cannot be reemployed” (Hansen 1931, p. 88). He was particularly critical of Douglas (1930), who held that technological unemployment could not be of permanent duration, as labor-saving technological progress would automatically increase the purchasing power of workers or employers, resulting in increased demand for goods and the reabsorption of the unemployed. While Haberler (1932) partially argued in favor of Douglas (1930), Hansen (1932a, p. 25, b, p. 563), similar to Mill ([1848] 1965, I, vi, pp. 96–97), stated that labor-saving technological progress as such only involves a shift, but not an additional creation, of purchasing power. “The increased purchasing power of other groups is exactly offset by the decreased purchasing power of the displaced workers” (Hansen 1932b, p. 25). Although technological unemployment is thus not automatically eliminated, Hansen (1932b) pointed to special economic conditions which could lead to the reabsorption of technologically displaced labor. He mainly referred to flexible labor and capital markets, especially advocating price and wage flexibility, as well as a rise in investment spending (Hansen 1932b, pp. 26, 29, 1941, pp. 313–326). The latter he particularly emphasized starting in the late 1930s, after he had become a Keynesian Brazelton (1993). In his secular stagnation hypothesis, however, technological unemployment plays only a minor role (Woirol 1996, p. 45). It is rather total unemployment, of which technological unemployment is a fraction, which was at the center of his interest. In his presidential address, Hansen (1939, p. 10) held, “There can be no greater error in the analysis of the economic trends of our times than that which finds in the advance of technology [...] a major cause of unemployment. It is true that we cannot discount the problem of technological unemployment, a problem which may be intensified by the apparently growing importance of capital-saving inventions. But, on the other side, we cannot afford to neglect that type of innovation which creates new industries and which thereby opens new outlets for real investment. The problem of our generation is, above all, the problem of inadequate private investment outlets. What we need is not a slowing down in the progress of science and technology, but rather an acceleration of that rate.” For well-elaborated summaries of the technological unemployment debate in the 1930s and thereafter, see especially Woirol (1996, pp. 35–45, 69–76, 2006) and Gourvitch (1966, p. 134–142).
- 12.
Speaking of income levels, it appears that Hansen was only concerned about the actual level of national income while ignoring its growth rate. While he certainly focused on the issue of actual output falling behind the potential output level, however, he did not neglect economic growth. For example, Hansen (1951, p. 488) mentioned, “But there is the danger that we may not achieve, on a sustained basis, our growth potential.”
- 13.
When discussing the impact of an additional supply of (international) liquidity, Keynes ([1933a] 1972, p. 357) used the following metaphor, “We cannot [...] make the horses drink. [...] But we can provide them with water.” Karl Schiller, Federal Minister of Economic Affairs in Germany from 1966 to 1972, referred to this remark in several speeches and interviews. See, for example, Schiller ([1966] 1967, p. 10, 1967, 1983, p. 28).
- 14.
- 15.
Lösch (1938, p. 456) also noted that consumer spending ultimately depends on purchasing power and not on the number of people. Nonetheless, he considered the number of people highly relevant for two reasons: First, the average propensity to save is likely to be smaller if a given income is spread over a larger number of people. Secondly, he assumed business confidence to be higher in economies with an increasing population.
- 16.
Fellner (1954, p. 429), for example, put it as follows: “The Keynes-Hansen pessimism [...] does not rest on a logical fallacy, but its foundations include subjective judgments which I do not happen to share.”
- 17.
On the debate between Hansen and Terborgh, see also Dockès (2015).
- 18.
As Hansen (1955, p. 549) himself mentioned, “It is amazing how many economists have been able to close their eyes and blandly announce that events since 1940 have disproved the stagnation thesis!”
- 19.
Unless otherwise stated, the assumption of a balanced government budget, balanced foreign trade, and zero workers’ saving is maintained hereinafter.
- 20.
As Kalecki ([1954] 1965, p. 46) himself put it, “[...] [I]t is clear that capitalists may decide to consume and to invest more in a given period than in the preceding one, but they cannot decide to earn more. It is, therefore, their investment and consumption decisions which determine profits, and not vice versa.”
- 21.
As outlined by Kalecki ([1954] 1965, pp. 28–29), in the economy as a whole both \(j\) and \(\theta \) are also influenced by the industrial composition of the economy.
- 22.
Keynes ([1944] 1980, pp. 381–382) supported this idea and mentioned in a letter to Kalecki, “I am very much taken with your modified income-tax.” A modified income tax as proposed by Kalecki (1944, pp. 45–46, 54), however, is critical from an allocation point of view, because it favors large, established companies over new businesses.
- 23.
To counteract the threat of (cost-push) inflation due to excessive requests for wage increases by trade unions, Wallich and Weintraub (1971) proposed a so-called tax-based incomes policy, characterized by a surcharge tax on the corporate profits of those firms granting excessive wage increases.
- 24.
Steindl ([1952] 1976, p. 107) assumed a closed economy without government activity. In contrast to Kalecki, he did not distinguish between capitalists and workers, but between firms and private households (Dutt 2005, p. 65).
- 25.
The gross profit margin is the share of gross profits in value added, with gross profits being defined as the excess of the value of sales over direct costs (i.e., variable costs). Similarly, the net profit margin is the share of net profits in value added, with net profits being defined as the excess of the value of sales over total costs (i.e., direct and overhead costs). For the economy as a whole, gross and net profit margins depict the share of aggregate gross and net profits, respectively, in national income. In fact, Steindl ([1952] 1976, p. 71) used the terms profit margin and profit share interchangeably. While the share of gross profits is not influenced by changes in the degree of capacity utilization, ceteris paribus the share of net profits in value added (or national income) rises with an increase in capacity utilization, as overhead costs are spread over a higher volume of output. See also Steindl ([1952] 1976, pp. 46, 71) and Lavoie (2014, p. 332).
- 26.
In both the short and the long run, Steindl ([1952] 1976, p. 9–11) assumed firms to intentionally hold a certain desired degree of excess capacity, allowing them to quickly respond to changes in demand.
- 27.
While price cuts and quality competition reduce both the gross profit margin and, ceteris paribus, the net profit margin (at a given degree of capacity utilization), an increase in advertising expenditures only diminishes the net profit margin (at a given degree capacity utilization) of progressive firms.
- 28.
With regard to the term oligopoly, Steindl ([1945] 1990, p. 45) mentioned, “[...] [I]n its effect on prices, oligopoly will mean much the same as monopoly.”
- 29.
This follows from the goods market equilibrium \(\frac{I}{K} \, = \, \frac{S}{P}\frac{P}{Y}\frac{Y}{Y^*}\frac{Y^*}{K} \, = \, s_p\pi u\frac{Y^*}{K}\). Assuming that the rate of real capital accumulation \(\left( I/K\right) \), the capacity–capital ratio \(Y^*/K\), and—for reasons of simplicity—the propensity to save out of profits \(\left( s_p\right) \) are given, a rise in the profit share \(\left( \pi \right) \) induces a proportional decline in the degree of capacity utilization \(\left( u\right) \).
- 30.
On the coincidence of a decline in both competition and the rate of economic growth, see also Hansen (1938, p. 299).
- 31.
On today’s relevance of Steindl’s ([1952] 1976) endogenous stagnation theory, see also Cowling (2005).
- 32.
Core inflation is the annual change of the consumer price index excluding energy and food.
Summers’s claim that there had been no signs of economic overheating prior to the financial crisis of 2008–2009 is not shared by all economists. Taylor (2014a, p. 62), Taylor and Wieland (2016, p. 8), and Hamilton et al. (2016, p. 16), for example, point out that in the United States inflation had amounted to more than two percent and the unemployment rate had been below its estimated natural rate in the years leading up to the financial crisis of 2008–2009.
- 33.
On the safe asset shortage hypothesis, see also Caballero and Farhi (2014).
- 34.
From 2008 onward, each dotted line extrapolates the official 1999–2007 potential real output estimate (dashed lines), assuming the average annual growth rate of potential real output between 1999 and 2007.
- 35.
- 36.
Both potential output and the output gap are unobservable, but have to be estimated from real-time data and are thus subject to uncertainty. Even official output gap estimates by national and international institutions tend to differ considerably. Other indicators, such as inflation rates and labor market data, are thus typically additionally consulted to get a broad overview of the general economic climate. For example, in the United States a rather low unemployment rate and inflation close to the official target rate may be indicative of a narrow output gap. On the other hand, however, with a low and declining labor force participation rate there is still some slack in the labor market (Furman 2016, p. 8; IMF 2018, p. 4). Moreover, it is ambiguous whether the relatively high core inflation rates observed in the last years in the USA can be traced back to tight capacity constraints, as they recently have been mainly due to strong price increases in rents, motor vehicle insurances, and hospital services (U.S. Bureau of Labor Statistics 2018, p. 8). A clear negative nexus between (estimated) output gaps and inflation is indeed far from straightforward. As pointed out by Ihrig et al. (2007) and the OECD (2014, p. 16), inflation has in general become less sensitive to changes in output gaps and domestic capacity. Ihrig et al. (2007, pp. 29) suggest that this might be due to the success of monetary policy in anchoring inflation expectations. Moreover, international aspects have possibly become more important. As mentioned by Martin and Rowthorn (2012, pp. 63), the relatively high inflation rates in the United Kingdom in the immediate aftermath of the financial crisis of 2008–2009 were mainly due to rising import prices and changes in value-added taxes, and not due to the closing of the output gap.
- 37.
Estimates of the natural real interest rate should be interpreted with caution, however, as results vary according to the underlying assumptions and methodologies. While most analyses point to a declining development of natural real interest rates, natural interest rate levels differ among existing estimates (Constâncio 2016; Holston and Laubach 2016; Hamilton et al. 2016; Sachverständigenrat 2015, pp. 149–152).
- 38.
See also Rachel and Smith (2015) for a comprehensive overview.
In the contemporary stagnation debate, it is often not clearly distinguished between real factors which influence the natural interest rate (by changing desired saving and/or planned investment and/or current account balances), and monetary factors which influence market interest rates (see, for instance, Blanchard et al. 2014). For example, the safe asset shortage view of Caballero and Farhi (2014) is a financial issue which first and foremost influences the actual market interest rate on safe assets. The importance of distinguishing between real and monetary/financial factors has also been outlined by Borio and Disyatat (2011) and Spahn (2016).
- 39.
As outlined by Yellen (2015, p. 7), the extensive and long-lasting impact of the financial crisis as well as the resulting adjustment processes go beyond a purely cyclical phenomenon. Hence, the natural real interest rate (defined as a short-term real interest rate equating saving and investment at full employment in the medium to long run once cyclical factors have dissipated) is assumed to have declined in the aftermath of the crisis.
- 40.
As argued by Summers (2016b, p. 103), these underlying factors have likely contributed to the financial crisis. The crisis of 2008–2009 must therefore be considered an endogenous event which, in part, resulted from a growing imbalance between ex-ante saving and investment Summers 2016c. With reference to the Great Depression in the 1930s, Backhouse and Boianovsky (2016, p. 951) similarly mentioned, “The immediate origins of the crisis might be short-term, but its severity was the result of long-term structural factors.”
- 41.
The German economist von Weizsäcker (2016, p. 384) describes himself as a secular stagnationist who has pointed to the underlying issues prior to Summers (see von Weizsäcker 2010). In fact, while demographic aspects are at the heart of his analysis, his general position is close to Summers’s stagnation theory. Homburg (2015, p. 412), for example, in chronological order speaks of the Hansen–Weizsäcker–Summers stagnation hypothesis. Building on the capital theory of Eugen von Böhm-Bawerk, von Weizsäcker (2013) refers to a “provision nightmare.” Aging societies, so the argument runs, postpone their time preferences into the future and increase their desired saving for old-age provision, which in turn provokes a decline in the natural interest rate. To increase demand and economic growth, the government should thus increase its debt-financed spending.
- 42.
Moore’s Law goes back to the empirical finding of Gordon E. Moore (1965) that the number of transistors on a computer chip tends to double every two years at constant costs, implying that costs (and prices) per computing power decline. In the past years, however, Moore himself and several economists have been rather skeptical as to whether this “law” is still valid. In an interview, Moore (2015) mentioned, “We won’t have the rate of progress that we’ve had over the last few decades. I think that’s inevitable with any technology; it eventually saturates out. I guess I see Moore’s Law dying here in the next decade or so, but that’s not surprising.” See also Gordon (2016, pp. 588–589). It remains to be seen whether advances in nanotechnology and other technological innovations can perpetuate Moore’s Law in the decades to come.
- 43.
As has been widely discussed in economic circles, Piketty (2014, pp. 220–221) in his magnum opus Capital in the Twenty-First Century assumes the elasticity of substitution between capital and labor to be larger than one. His assumption, however, has been criticized by various economists, including Rognlie (2014) and Semieniuk (2017).
- 44.
- 45.
As rightly outlined by Cochrane (2017), despite his plea for tax reforms that foster investment spending, Summers (2017c) has been surprisingly critical of the recent tax cuts implemented by the US government. In fact, Summers (2017c) defends his critical stance by pointing out that the tax cuts are shortsighted and do not seem to tackle any of the long-term, structural economic issues, such as the unequal distribution of income or the slow productivity growth rate. Moreover, he is afraid that the expected rise in government debt will result in (counterproductive) public spending cuts on infrastructure and social programs.
- 46.
Surprisingly, Summers (2015d) himself mentions that he is “[...] acutely aware of the lack of [...] simply relating the level of investment to the interest rate, and the level of savings to the interest rate.”
- 47.
In this sense, the zero lower bound on short-term nominal interest rates may be even a stabilizing factor, as it may prevent aggregate demand weaknesses from deteriorating (Palley 2016b, p. 35).
- 48.
As outlined by Palley (2016b, p. 20), though, Krugman (2014, p. 62) wrongly refers to the current zero lower bound issue as a liquidity trap. Hitting the zero lower bound on short-term nominal interest rates, however, does not require a conventional Keynesian liquidity trap. Following Keynes ([1936] 1973, p. 207), a liquidity trap is characterized by a perfectly elastic liquidity preference, i.e., a low demand for bonds and a horizontal liquidity preference–money supply (LM) schedule, implying that the central bank has “[...] lost effective control over the rate of interest.” The current situation of very low interest rates, however, is not characterized by such a Keynesian liquidity trap (Taylor 2014b; with reference to Japan in the late twentieth century, see also Palley 2000, pp. 281–282). After all, interest rates across advanced countries have been lowered through extensive quantitative easing programs. See also Lavoie (2018, p. 14).
- 49.
- 50.
Lo and Rogoff’s (2015) debt-supercycle hypothesis is similar to Koo’s (2014) balance sheet recession approach. Koo’s (2014) hypothesis, however, seems to be more long-run in nature, as he assumes long-term consequences for aggregate demand even after deleveraging is over. Moreover, Lo and Rogoff (2015) are much more skeptical of higher government spending, as it may result in unsustainable public debt-to-GDP ratios.
- 51.
- 52.
References
Abramovitz M (1986) Catching up, forging ahead, and falling behind. J Econ History 46(2):385–406
Adler HA (1945) Absolute or relative rate of decline in population growth? Q J Econ 59(4):626–634
Arbeitsgruppe Alternative Wirtschaftspolitik (1978) Memorandum: Alternativen der Wirtschaftspolitik. Bund-Verlag, Cologne
Arbeitsgruppe Alternative Wirtschaftspolitik (1979) Memorandum: Vorrang für Vollbeschäftigung — Alternativen der Wirtschaftspolitik. Pahl-Rugenstein Verlag, Cologne
Arestis P, Sawyer M (2002) “New Consensus”, New Keynesianism, and the economics of the “Third Way”. Levy Economics Institute Working Paper No. 364. Levy Economics Institute of Bard College, Annandale-on-Hudson, NY. http://www.levyinstitute.org/pubs/wp_364.pdf. Accessed 10 Sept 2016
Arestis P, Sawyer M (2008) The new consensus macroeconomics: an unreliable guide for policy. Revista Análise Econômica 26(50):275–297
Arestis P, Biefang-Frisancho Mariscal I, Hagemann H (1998) Capital shortage unemployment in Germany and the UK. Schriftenreihe des Promotionsschwerpunkts Makroökonomische Dia-gnosen und Therapien der Arbeitslosigkeit No. 3/1998. Evangelisches Studienwerk e. V., Universität Hohenheim, and Universität Witten/Herdecke. https://ideas.repec.org/p/zbw/hohpro/y1998i03p1-13.html. Accessed 10 May 2018
Arnoff D (2016) A theory of accumulation and secular stagnation: a Malthusian approach to understanding a contemporary malaise. Palgrave Macmillan, Basingstoke and New York, NY
Aschauer DA (1988) Is government spending stimulative? Federal Reserve Bank of Chicago Staff Memoranda SM 88-3. Federal Reserve Bank of Chicago, Chicago, IL. https://fraser.stlouisfed.org/files/docs/historical/frbchi/workingpapers/frbchi_workingpaper_1988-03.pdf. Accessed 28 Sept 2016
Aschauer DA (1989a) Does public capital crowd out private capital? J Monet Econ 24(2):171–188
Aschauer DA (1989b) Is public expenditure productive? J Monet Econ 23(2):177–200
Assous M, Dal Pont Legrand M, Hagemann H (2016) Business cycles and growth. In: Faccarello G, Kurz HD (eds) Handbook on the history of economic analysis, vol II. Developments in major fields of economics. Edward Elgar, Cheltenham, UK and Northampton, MA, USA, pp 27–39
Autor D, Dorn D, Katz LF, Patterson C, Van Reenen J (2017) Concentrating on the fall of the labor share. Am Econ Rev 107(5):180–185
Backhouse RE, Boianovsky M (2016) Secular stagnation: the history of a macroeconomic heresy. Eur J History Econ Thought 23(6):946–970
Ball L (2014) The case for a long-run inflation target of four percent. IMF Working Paper WP/14/92. International Monetary Fund, Washington, DC. https://www.imf.org/external/pubs/ft/wp/2014/wp1492.pdf. Accessed 04 Sept 2016
Baran PA, Sweezy PM (1966) Monopoly capital: an essay on the American economic and social order. Monthly Review Press, New York, NY
Bean C, Broda C, Ito T, Kroszner R (2015) Low for long? causes and consequences of persistently low interest rates. International Center for Monetary and Banking Studies (ICMB) and Centre for Economic Policy Research (CEPR), Geneva Reports on the World Economy 17, Geneva and London
Bernanke BS (2005) The global saving glut and the U.S. current account deficit. Remarks at the Sandridge Lecture. Virginia Association of Economists, Richmond, VA. http://www.federalreserve.gov/boardDocs/Speeches/2005/200503102/default.htm. Accessed 13 Sept 2016
Bernanke BS (2010) The economic outlook and monetary policy. Speech at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, WY. https://www.federalreserve.gov/newsevents/speech/bernanke20100827a.htm. Accessed 04 Sept 2016
Bernanke BS (2015a) Why are interest rates so low, part 2: secular stagnation. The Brookings Institution Blog. March 31, 2015. The Brookings Institution, Washington, DC. https://www.brookings.edu/blog/ben-bernanke/2015/03/31/why-are-interest-rates-so-low-part-2-secular-stagnation/. Accessed 13 Sept 2016
Bernanke BS (2015b) Why are interest rates so low, part 3: the global savings glut. The Brookings Institution Blog. April 01, 2015. The Brookings Institution, Washington, DC. https://www.brookings.edu/blog/ben-bernanke/2015/04/01/why-are-interest-rates-so-low-part-3-the-global-savings-glut/. Accessed 13 Sept 2016
Bernanke BS (2015c) Why are interest rates so low, part 4: term premiums. The Brookings Institution Blog. April 13, 2015. The Brookings Institution, Washington, DC. https://www.brookings.edu/blog/ben-bernanke/2015/04/13/why-are-interest-rates-so-low-part-4-term-premiums/. Accessed 14 Sept 2016
Bernanke BS (2015d) Why are interest rates so low? The Brookings Institution Blog. March 30, 2015. The Brookings Institution, Washington, DC. https://www.brookings.edu/blog/ben-bernanke/2015/03/30/why-are-interest-rates-so-low/. Accessed 14 Sept 2016
Blanchard OJ, Furceri D, Pescatori A (2014) A prolonged period of low real interest rates? In: Teulings C, Baldwin R (eds) Secular stagnation: facts causes and cures. CEPR Press, London, pp 101–110
Bleaney MF (1976) Underconsumption theories. A history and critical analysis. International Publishers, New York, NY
Blecker RA (2016) The US economy since the crisis: slow recovery and secular stagnation. Eur J Econ Econ Policies Interv 13(2):203–214
Board of Governors of the Federal Reserve System (2018) Monetary policy. Policy implementations. Policy tools. Open market operations. Board of Governors of the Federal Reserve System, Washington, DC. https://www.federalreserve.gov/monetarypolicy/openmarket.htm. Accessed 21 Nov 2018
Borio C, Disyatat P (2011) Global imbalances and the financial crisis: link or no link? Bank for International Settlements Working Paper No. 346. Bank for International Settlements, Basel. http://www.bis.org/publ/work346.pdf. Accessed 09 Oct 2016
Brazelton WR (1993) Alvin Harvey Hansen: a note on his analysis of Keynes, Hayek, and Commons. J Econ Issues 27(3):940–948
Brown AJ (1955) Review of maturity and stagnation in American capitalism by J. Steindl. Int Aff 31(1):129–130
Burns ME, Mitchell WF (1985) Real wages, unemployment and economic policy in Australia. Australian Economic Papers June 1985, pp 1–23
Caballero RJ, Farhi E (2014) On the role of safe asset shortages in secular stagnation. In: Teulings C, Baldwin R (eds) Secular stagnation: facts, causes and cures. CEPR Press, London, pp 111–120
Carvalho C, Ferrero A, Nechio F (2016) Demographics and real interest rates: inspecting the mechanism. Federal Reserve Bank of San Francisco Working Paper 2016-05. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.frbsf.org/economic-research/files/wp2016-05.pdf. Accessed 14 Sept 2016
Christian-Albrechts-Universität zu Kiel (2017) August Lösch – Curriculum Vitae. August Lösch (1906–1945). Christian-Albrechts-Universität zu Kiel, Kiel. https://www.ifr.uni-kiel.de/de/alp. Accessed 14 June 2017
Clarke P (1987) Hobson, John Atkinson. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 2. Macmillan, London, pp 664–666
Clauß FJ (1968) Konjunktur und Neoklassik: Sparen und Investieren, öffentliche Haushalte und wirtschaftliches Wachstum in der konjunkturbewegten Volkswirtschaft (USA 1929–1967). Duncker & Humblot, Berlin and Munich
Cochrane J (2017) Economists as public intellectuals. The grumpy economist: John Cochrane’s blog, December 28, 2017. https://johnhcochrane.blogspot.com/2017/12/economists-as-public-intellectuals.html. Accessed 20 Nov 2018
Cœuré B (2018) Scars that never were? Potential output and slack after the crisis. In: Speech at the CEPII 40th Anniversary Conference, Paris, April 12, 2018. European Central Bank, Frankfurt am Main. https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180412.en.html. Accessed 07 Dec 2018
Congressional Budget Office (2014) Revisions to CBO’s projection of potential output since 2007. Congressional Budget Office, Washington, DC. https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/45150-PotentialOutput.pdf. Accessed 29 Aug 2016
Constâncio V (2016) The challenge of low real interest rates for monetary policy. Lecture at the Macroeconomics Symposium at Utrecht School of Economics, June 15, 2016. European Central Bank, Frankfurt am Main. https://www.ecb.europa.eu/press/key/date/2016/html/sp160615.en.html. Accessed 30 Aug 2016
Cornwall J (1972) Growth and stability in a mature economy. Wiley, New York, NY
Cowling K (2005) Monopoly capitalism and stagnation. In: Mott T, Shapiro N (eds) Rethinking capitalist development: essays on the economics of Josef Steindl. Routledge, New York, NY, pp 147–163
Cynamon BZ, Fazzari SM (2014) Inequality, the Great Recession, and slow recovery. June 23, 2014. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2205524. Accessed 29 Jan 2016
Dal Degan F, Eyguesier N (2016) Jean-Charles Léonard Simonde de Sismondi (1773–1842). In: Faccarello G, Kurz HD (eds) Handbook on the history of economic analysis, vol I. Great economists since Petty and Boisguilbert. Edward Elgar, Cheltenham, UK and Northhampton, MA, USA, pp 144–147
Dal Pont Legrand M, Hagemann H (2016) Business cycles, growth, and economic policy: Schumpeter and the Great Depression. J History Econ Thought 39(1):19–33
Dal Pont Legrand M, Hagemann H (2017) Retrospectives: do productive recessions show the recuperative powers of capitalism? Schumpeter’s analysis of the cleansing effect. J Econ Perspect 31(1):245–256
Díez FJ, Leigh D, Tambunlertchai S (2018) Global market power and its macroeconomic implications. IMF Working Paper WP/18/137. International Monetary Fund, Washington, DC. https://www.imf.org/~/media/Files/Publications/WP/2018/wp18137. Accessed 20 Sept 2018
Dockès P (2015) Les débats sur la stagnation séculaire dans les années 1937–1950: Hansen-Terborgh et Schumpeter-Sweezy. Revue Économique 66(5):967–992
Domar ED (1947) Expansion and employment. Am Econ Rev 37(1):34–55
Douglas PH (1930) Technological unemployment. Am Fed 37(August):923–950
Dutt AK (2005) Steindl’s theory of maturity and stagnation and its relevance today. In: Mott T, Shapiro N (eds) Rethinking capitalist development: essays on the economics of Josef Steindl. Routledge, New York, NY, pp 55–78
Eggertsson GB, Mehrotra NR, Singh SR, Summers LH (2016) A contagious malady? Open economy dimensions of secular stagnation. NBER Working Paper No. 22299. National Bureau of Economic Research, Cambridge, MA. http://www.nber.org/papers/w22299.pdf. Accessed 14 Sept 2016
Eichengreen B (2014) Secular stagnation: a review of the issues. In: Teulings C, Baldwin R (eds) Secular stagnation: facts, causes and cures. CEPR Press, London, pp 41–46
Eichengreen B (2015a) Secular stagnation: the long view. Am Econ Rev 105(5):66–70
Eichengreen B (2015b) Wall of worries: reflections on the secular stagnation debate. Institute for Monetary and Economic Studies of the Bank of Japan, Discussion Paper No. 2015-E-5. Bank of Japan, Tokyo. http://www.imes.boj.or.jp/research/papers/english/15-E-05.pdf. Accessed 13 Sept 2016
Erber G, Hagemann H, Seiter S (1998) Zukunftsperspektiven Deutschlands im internationalen Wettbewerb: Industriepolitische Implikationen der Neuen Wachstumstheorie. Physica-Verlag, Heidelberg
European Central Bank (2015) ECB Annual Report 2015. European Central Bank, Frankfurt am Main. https://www.ecb.europa.eu/pub/pdf/annrep/ar2015en.pdf. Accessed 08 Oct 2016
European Central Bank (2018) ECB statistical data warehouse. European Central Bank, Frankfurt am Main. http://sdw.ecb.europa.eu/. Last accessed 04 Dec 2018
European Commission (2018) Annual macro-economic database of the European Commission’s Directorate General for Economic and Financial Affairs (AMECO database). European Commission, Brussels. http://ec.europa.eu/economy_finance/ameco/user/serie/SelectSerie.cfm. Accessed 26 Nov 2018. (Data as of 08 Nov 2018)
Fatás A, Summers LH (2016) The permanent effects of fiscal consolidations. NBER Working Paper No. 22374. National Bureau of Economic Research, Cambridge, MA. http://www.nber.org/papers/w22374.pdf. Accessed 29 Aug 2016
Federal Reserve Bank of St Louis (2018) FRED economic data. Federal Reserve Bank of St. Louis, St. Louis, MO. https://fred.stlouisfed.org/. Accessed 04 Dec 2018
Fellner W (1954) Full use or underutilization: appraisal of long-run factors other than defense. Am Econ Rev 44(2):423–433
Foster JB (2014) The theory of monopoly capitalism. Monthly Review Press, New York, NY
Foster JB, McChesney RW (2012) The endless crisis: how monopoly-finance capital produces stagnation and upheaval from the USA to China. Monthly Review Press, New York, NY
Frank RH (2008) Context is more important than Keynes realized. In: Pecchi L, Piga G (eds) Revisiting Keynes: economic possibilities for our grandchildren. The MIT Press, Cambridge, MA, pp 143–150
Freeman RB (2008) Why do we work more than Keynes expected? In: Pecchi L, Piga G (eds) Revisiting Keynes: economic possibilities for our grandchildren. The MIT Press, Cambridge, MA, pp 135–142
Furman J (2016) Demand and supply: learning from the United States and Japan. Council of economic advisers. In: ESRI international conference 2016, Tokyo, Japan. August 2, 2016. https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160802_furman_esri_cea_0.pdf. Accessed 19 Nov 2018
Garnier J (2005) The natural real interest rate and the output gap in the euro area: A joint estimation. European Central Bank Working Paper No. 541. European Central Bank, Frankfurt am Main. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp546.pdf?138eb74fc52db27cba6436b610546441. Accessed 14 Sept 2016
Gerlach S, Moretti L (2014) Monetary policy and TIPS yields before the crisis. BE J Macroecon 14(1):689–701
Godley W (1999) Seven unsustainable processes. Medium-term prospects and policies for the United States and the world. Special Report. The Jerome Levy Economics Institute of Bard College, New York, NY. http://www.levyinstitute.org/pubs/sevenproc.pdf. Accessed 25 Aug 2016
Gordon RA (1961) Business fluctuations, 2nd edn. Harper & Row Publishers, New York, NY, Evanston, IL, and London
Gordon RJ (2016) The rise and fall of American growth. The U.S. standard of living since the Civil War. Princeton University Press, Princeton, NJ
Gourvitch A (1966) Survey of economic theory on technological change & employment. Augustus M. Kelley, New York, NY
Gros D (2014) Why has the US recovered more quickly than Europe? World Economic Forum. https://www.weforum.org/agenda/2014/07/us-economic-recovery-faster-than-europe/. Accessed 13 Sept 2016
Haberler G (1932) Some remarks on Professor Hansen’s view on technological unemployment. Q J Econ 46(3):558–562
Haberler G ([1937] 1946) Prosperity and depression: a theoretical analysis of cyclical movements. United Nations, Lake Success, NY
Hagemann H (2011) Keynes 3.0: Zu den ökonomischen Möglichkeiten unserer Enkelkinder. In: Hagemann H, Krämer H (eds) Ökonomie und Gesellschaft. Jahrbuch 23: Keynes 2.0 – Perspektiven einer modernen keynesianischen Wirtschaftstheorie und Wirtschaftspolitik. Metropolis-Verlag, Marburg, pp 281–304
Hagemann H (2013) Steindl. In: Historische Kommission bei der Bayerischen Akademie der Wissenschaften (ed) Neue Deutsche Biographie, vol 25, Duncker & Humblot, Berlin, pp 172–173
Hagemann H (2015) General glut. In: Kurz HD, Salvadori N (eds) The Elgar companion to David Ricardo. Edward Elgar, Cheltenham and Northampton, MA, pp 160–170
Hagemann H, Kurz HD (1997) Say’s law. In: Glasner D (ed) Business cycles and depressions: an encyclopedia. Routledge, New York, NY, pp 599–602
Hahn LA (1955) Wirtschaftswissenschaft des gesunden Menschenverstandes. Fritz Knapp Verlag, Frankfurt am Main
Hamberg D (1954) Review of maturity and stagnation in American capitalism by J. Steindl. Am Econ Rev 44(3):414–418
Hamilton JD, Harris ES, Hatzius J, West KD (2016) The equilibrium real funds rate: past, present and future. Working Paper. February 27, 2015. Last revised May 11, 2016. University of California San Diego, San Diego, CA. http://econweb.ucsd.edu/~jhamilto/USMPF_2015.pdf. Accessed 14 Sept 2016
Hansen AH (1931) Institutional frictions and technological unemployment. Q J Econ 45(4):684–697
Hansen AH (1932a) Some remarks on Professor Hansen’s view on technological unemployment: a rejoiner to Gottfried Haberler. Q J Econ 46(3):562–565
Hansen AH (1932b) The theory of technological progress and the dislocation of employment. Am Econ Rev 22(1):25–31
Hansen AH (1934) Capital goods and the restoration of purchasing power. Proc Acad Polit Sci 16(1):11–19
Hansen AH (1936) Mr. Keynes on underemployment equilibrium. J Polit Econ 44(5):667–686
Hansen AH (1937) Review of Bevölkerungswellen und Wechsellagen by August Lösch. J Am Stat Assoc 32(199):601–602
Hansen AH (1938) Full Recovery or stagnation? W. W. Norton & Company, Inc., New York, NY
Hansen AH (1939) Economic progress and declining population growth. Am Econ Rev 29(1):1–15
Hansen AH (1940a) Extensive expansion and population growth. J Polit Econ 48(4):583–585
Hansen AH (1940b) Testimony of Alvin Harvey Hansen, Professor of Political Economy, Harvard University, Cambridge, Mass. In: Temporary National Economic Committee (ed) Investigation of concentration of economic power. Hearings before the Temporary National Economic Committee Congress of the United States. Part 9: savings and investment, United States Government Printing Office, Washington, DC, pp 3495–3520, 3538–3559, 3837–3859
Hansen AH (1941) Fiscal policy and business cycles. W. W. Norton & Company, Inc., New York, NY
Hansen AH (1946a) Keynes and the general theory. Rev Econ Stat 28(4):182–187
Hansen AH (1946b) Some notes on Terborgh’s “The Bogey of Economic Maturity”. Rev Econ Stat 28(1):13–17
Hansen AH (1947) Economic policy and full employment. McGraw-Hill Book Company, Inc., New York, NY, and London
Hansen AH (1951) Business cycles and national income. W. W. Norton & Company, Inc., New York, NY
Hansen AH (1953) A guide to Keynes. McGraw-Hill Book Company, Inc., New York, NY
Hansen AH (1954) Growth or stagnation in the American economy. Rev Econ Stat 36(4):409–414
Hansen AH (1955) The stagnation thesis. In: Smithies A, Butters JK (eds) Readings in fiscal policy. George Allen and Unwin Ltd., London, pp 540–557
Hansen AH (1966) Stagnation and under-employment equilibrium. Rostra Economica Amstelodamensia 15 (Nov 1966), pp 7–9
Harrod RF (1939) An essay in dynamic theory. Econ J 49(139):14–33
Hay C (2009) The winter of discontent thirty years on. Polit Q 80(4):545–552
Hein E (2014) Distribution and growth after Keynes: a post-Keynesian guide. Edward Elgar, Cheltenham and Northampton, MA
Hein E (2016) Secular stagnation or stagnation policy? Steindl after Summers. PSL Q Rev 69(276):3–47
Hetzel RL (2009) Monetary policy in the 2008–2009 recession. Econ Q 95(2):201–233
Higgins B (1946) The doctrine of economic maturity. Am Econ Rev 36(1):133–141
Higgins B (1959) Economic development: principles, problems, and policies. W. W. Norton & Company, Inc., New York, NY
Higgins B (1998) Employment without inflation. Transaction Publishers, New Brunswick, NJ, and London
Hobson JA (1902) Imperialism: a study. James Pott & Company, New York, NY
Hobson JA (1909) The industrial system: an inquiry into earned and unearned income. Longmans, Green, and Co., New York, NY, Bombay, and Calcutta
Hobson JA (1911) The science of wealth. Williams & Norgate, London
Hobson JA (1922) The economics of unemployment. George Allen & Unwin Ltd., London
Hofmann W (1959) Die Lehre von der “Mature Economy”: Gibt es ein tendenzielles Sinken der Zuwachsrate des Sozialproduktes? Zeitschrift für die gesamte Staatswissenschaft/J Inst Theor Econ 115(1):24–39
Holston K, Laubach T (2016) Measuring the natural rate of interest: international trends and determinants. Federal Reserve Bank of San Francisco Working Paper 2016-11. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.frbsf.org/economic-research/files/wp2016-11.pdf. Accessed 09 Oct 2016
Homburg S (2015) Overaccumulation, public debt and the importance of land. Ger Econ Rev 15(4):411–435
Ihrig J, Kamin SB, Lindner D, Marquez J (2007) Some simple tests of the globalization and inflation hypothesis. International Finance Discussion Paper No. 891, April 2007. Board of Governors of the Federal Reserve System, Washington, DC. https://www.federalreserve.gov/pubs/ifdp/2007/891/ifdp891.pdf. Accessed 01 Nov 2016
IMF (2014) Recovery strengthens, remains uneven. World economic outlook, April 2014. International Monetary Fund, Washington, DC. http://www.imf.org/external/pubs/ft/weo/2014/01/pdf/text.pdf. Accessed 02 Sept 2016
IMF (2016) Too slow for too long. World economic outlook, April 2016. International Monetary Fund, Washington, DC. https://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf. Accessed 04 Sept 2016
IMF (2018) Challenges to steady growth. World economic outlook, October 2018. International Monetary Fund, Washington, DC. https://www.imf.org/en/Publications/WEO/Issues/2018/09/24/world-economic-outlook-october-2018. Accessed 07 Dec 2018
Jorgenson DW (2001) Information technology and the U.S. economy. Am Econ Rev 91(1):1–32
Jorgenson DW (2005) Moore’s law and the emergence of the new economy. In: Semiconductor Industry Association (ed) Semiconductor Industry Association, Annual Report 2005: 2020 Is Closer than You Think, Semiconductor Industry Association, San José, CA, pp 17–20
Jorgenson DW, Vu KM (2017) The outlook for advanced economies. J Policy Model 39(4):660–672
Kaldor N (1955/1956) Alternative theories of distribution. Rev Econ Stud 23(2):83–100
Kalecki M ([1932] 1990) Reduction of wages during crisis. In: Osiatyński J (ed) Collected works of Michał Kalecki, vol I. Capitalism: business cycles and full employment. Clarendon Press, Oxford, pp 41–44
Kalecki M ([1933] 1971) Outline of a theory of the business cycle. In: Kalecki M (ed) Selected essays on the dynamics of the capitalist economy. Cambridge University Press, New York, NY, pp 1–14
Kalecki M ([1934] 1971) On foreign trade and ‘domestic exports’. In: Kalecki M (ed) Selected essays on the dynamics of the capitalist economy. Cambridge University Press, New York, NY, pp 15–25
Kalecki M ([1935] 1971) The mechanism of the business upswing. In: Kalecki M (ed) Selected essays on the dynamics of the capitalist economy. Cambridge University Press, New York, NY, pp 26–34
Kalecki M ([1936] 1990) Some remarks on Keynes’s theory. In: Osiatyński J (ed) Collected works of Michał Kalecki, vol I. Capitalism: business cycles and full employment. Clarendon Press, Oxford, pp 223–232
Kalecki M (1939) Essays in the theory of economic fluctuations. George Allen & Unwin Ltd., London
Kalecki M (1943) Political aspects of full employment. Polit Q 14(4):322–331
Kalecki M (1944) Three ways to full employment. In: The Oxford University Institute of Statistics (ed) The economics of full employment, Basil Blackwell, Oxford, pp 39–58
Kalecki M ([1954] 1965) Theory of economic dynamics. An essay on cyclical and long-run changes in capitalist economy. Modern Reader Paperbacks, New York, NY, and London
Kalecki M (1962) Observations on the theory of growth. Econ J 72(285):134–153
Kalecki M ([1968] 1971) Trend and the business cycle. In: Kalecki M (ed) Selected essays on the dynamics of the capitalist economy. Cambridge University Press, New York, NY, pp 165–183
Kalecki M (1971) Selected essays on the dynamics of the capitalist economy. Cambridge University Press, New York, NY
Keynes JM ([1919] 1971) The economic consequences of the peace. In: The collected writings of John Maynard Keynes, vol II: the economic consequences of the peace. Macmillan St. Martin’s Press for the Royal Economiy Society, London and Basingstoke
Keynes JM ([1923] 1971) A tract on monetary reform. In: The collected writings of John Maynard Keynes, vol IV: a tract on monetary reform. Macmillan St. Martin’s Press for the Royal Economiy Society, London and Basingstoke
Keynes JM ([1930] 1971) A treatise on money. In: The collected writings of John Maynard Keynes, vol V: a treatise on money in two volumes (vol I: the pure theory of money). Macmillan and Cambridge University Press for the Royal Economic Society, London, Basingstoke, and New York, NY
Keynes JM ([1930] 1972) Economic possibilities for our grandchildren. In: The collected writings of John Maynard Keynes, vol IX: essays in persuasion. Macmillan St. Martin’s Press for the Royal Economiy Society, London and Basingstoke, pp 321–332
Keynes JM ([1933a] 1972) The means to prosperity. In: The collected writings of John Maynard Keynes, vol IX: essays in persuasion. Macmillan St. Martin’s Press for the Royal Economic Society, London and Basingstoke, pp 335–366
Keynes JM ([1933b] 1972) Thomas Robert Malthus. In: The collected writings of John Maynard Keynes, vol X: essays in biography. Macmillan St. Martin’s Press for the Royal Economic Society, London and Basingstoke, pp 71–108
Keynes JM ([1936] 1973) The general theory of employment, interest and money. In: The collected writings of John Maynard Keynes, vol VII: the general theory of employment, interest and money. Macmillan and Cambridge University Press for the Royal Economic Society, London, Basingstoke, and New York, NY, pp xxi–384
Keynes JM ([1937] 1973) Some economic consequences of a declining population. In: Moggridge D (ed) The collected writings of John Maynard Keynes, vol XIV: the general theory and after (part II: defence and development). Macmillan St. Martin’s Press for the Royal Economic Society, London and Basingstoke, pp 124–133
Keynes JM ([1943a] 1980) Letter to Sir Wilfried Eady and others (9 July 1943) In: Moggridge D (ed) The collected writings of John Maynard Keynes, vol XXVII: activities 1940–1946. Shaping the post-war world: employment and commodities, Macmillan and Cambridge University Press for the Royal Economic Society, London, Basingstoke, and New York, NY, pp 359–361
Keynes JM ([1943b] 1980) The long-term problem of full employment. In: Moggridge D (ed) The collected writings of John Maynard Keynes, vol XXVII: activities 1940–1946. Shaping the post-war world: employment and commodities. Macmillan and Cambridge University Press for the Royal Economic Society, London, Basingstoke, and New York, NY, pp 320–325
Keynes JM ([1944] 1980) Letter to M. Kalecki (30 December 1944) In: Moggridge D (ed) The collected writings of John Maynard Keynes, vol XXVII: activities 1940–1946. Shaping the post-war world: employment and commodities. Macmillan and Cambridge University Press, London, Basingstoke, and New York, NY, pp 381–383
Knowles JW, Warden CB Jr (1960) The potential economic growth in the United States. United States Government Printing Office, Washington, DC
Koo RC (2014) Balance sheet recession is the reason for secular stagnation. In: Teulings C, Baldwin R (eds) Secular stagnation: facts, causes and cures. CEPR Press, London, pp 131–142
Krugman P (2014) Four observations on secular stagnation. In: Teulings C, Baldwin R (eds) Secular stagnation: facts, causes and cures. CEPR Press, London, pp 61–68
Kurz HD (2010) On the dismal state of a dismal science? Homo Oeconomicus 27(3):369–389
Lange O (1939) Is the American economy contracting? Am Econ Rev 29(3):503–513
Lansing KJ (2016) Projecting the long-run natural rate of interest. Federal Reserve Bank of San Francisco Economic Letter 2016-25. August 29, 2016. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.frbsf.org/economic-research/files/el2016-25.pdf. Accessed 10 Oct 2016
Laski K (1987a) Kalecki, Michal. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 3. Macmillan, London, pp 8–14
Laski K (1987b) Steindl, Josef. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 4. Macmillan, London, p 494
Laubach T, Williams JC (2003) Measuring the natural rate of interest. Rev Econ Stat 85(4):1063–1070
Laubach T, Williams JC (2015) Measuring the natural rate of interest redux. Federal Reserve Bank of San Francisco Working Paper 2015-16. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.frbsf.org/economic-research/files/wp2015-16.pdf. Accessed 23 Aug 2016
Laubach T, Williams JC (2018) Measuring the natural rate of interest: spreadsheet of updated estimates. Federal Reserve Bank of San Francisco, San Francisco, CA. https://www.frbsf.org/economic-research/files/Laubach_Williams_updated_estimates.xlsx. Data as of 30 May 2018. Accessed 19 Nov 2018
Lavoie M (2014) Post-Keynesian economics: new foundations. Edward Elgar, Cheltenham and Northampton, MA
Lavoie M (2018) Rethinking macroeconomic theory before the next crisis. Rev Keynes Econ 6(1):1–21
Leijonhufvud A (1968) On Keynesian economics and the economics of Keynes: a study in monetary theory. Oxford University Press, New York, NY
Leijonhufvud A (1981) The Wicksell connection: variations on a theme. In: Leijonhufvud A (ed) Information and coordination: essays in macroeconomic theory. Oxford University Press, New York, NY, and Oxford, pp 131–202
Lindner F (2012) Saving does not finance investment: accounting as an indispensable guide to economic theory. IMK Working Paper No. 100-2012. Macroeconomic Policy Institute (IMK), Dusseldorf. https://www.boeckler.de/pdf/p_imk_wp_100_2012.pdf. Accessed 11 Apr 2017
Lo S, Rogoff KS (2015) Secular stagnation, debt overhang and other rationales for sluggish growth, six years on. Bank for International Settlements Working Paper No. 482. Bank for International Settlements, Basel. http://www.bis.org/publ/work482.pdf. Accessed 13 Sept 2016
López GJ, Assous M (2010) Great thinkers in economics: Michał Kalecki. Palgrave Macmillan, New York, NY
Lösch A (1936) Bevölkerungswellen und Wechsellagen im Deutschen Reich von 1871 bis 1910. Verlag von Gustav Fischer, Jena
Lösch A (1937) Population cycles as a cause of business cycles. Q J Econ 51(4):649–662
Lösch A (1938) Das Problem einer Wechselwirkung zwischen Bevölkerungs- und Wirtschaftsent-wicklung. Weltwirtschaftliches Archiv 48(1938):454–469
Lösch A (1954) The economics of location (translated from the second revised edition by William H. Woglom with the assistance of Wolfang F. Stolper). Yale University Press, New Haven, CT, and London
Lutz MA (1999) Economics for the common good: two centuries of social economic thought in the humanistic tradition. Routledge, London and New York, NY
Luxemburg R ([1913] 1951) The accumulation of capital (translated from the German by Agnes Schwarzschild, with an introduction by Joan Robinson). Routledge and Kegan Paul Ltd., London
Malthus TR ([1820] 1836) Principles of political economy, 2nd edn. William Pickering, London
Marglin SA, Bhaduri A (1990) Profit squeeze and Keynesian theory. In: Marglin SA, Schor JB (eds) The golden age of capitalism: reinterpreting the postwar experience. Clarendon Press, Oxford, pp 153–186
Martin B, Rowthorn R (2012) Is the British economy supply constrained II? A renewed critique of productivity pessimism. Centre for Business Research, University of Cambridge, May 2012. UK-Innovation Research Centre, Cambridge, UK, and London. http://www.uk-irc.org/wp-content/uploads/2013/04/2012_BM_UK_economy_report.pdf. Accessed 24 Nov 2018
McLaughlin GE, Watkins RJ (1939) The problem of industrial growth in a mature economy. Am Econ Rev 29(1):1–14
Mill JS ([1848] 1965) Principles of political economy (two volumes). In: Robson JM (ed) Collected works of John Stuart Mill, vol II and III. University of Toronto Press, Toronto
Mishkin FS (2011) Monetary policy strategy: lessons from the crisis. NBER Working Paper No. 16755. National Bureau of Economic Research, Cambridge, MA. http://www.nber.org/papers/w16755.pdf. Accessed 04 Sept 2016
Mitchell W (2017) The job guarantee: a superior buffer stock option for government price stabilisation. In: Murray MJ, Forstater M (eds) The job guarantee and modern money theory: realizing Keynes’s labor standard. Palgrave Macmillan, Springer Nature, Cham, pp 47–72
Moore BJ (2002) Saving and investment: the theoretical case for lower interest rates. In: Davidson P (ed) A post Keynesian perspective on twenty-first century economic problems. Edward Elgar, Cheltenham and Northhampton, MA, pp 137–157
Moore GE (1965) Cramming more components onto integrated circuits. Electronics 38(8):114–117
Moore GE (2015) Gordon Moore: the man whose name means progress. The visionary engineer reflects on 50 years of Moore’s law. Interview by Rachel Courtland. IEEE Spectrum, March 30, 2015. https://spectrum.ieee.org/computing/hardware/gordon-moore-the-man-whose-name-means-progress. Accessed 11 Oct 2017
Mummery AF, Hobson JA (1889) The physiology of industry: being an exposure of certain fallacies in existing theories of economics. John Murray, London
Musgrave RA (1987) Hansen, Alvin. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 2. Macmillan, London, pp 591–592
Nakaso H (2016) Japan’s economy and monetary policy. Speech at a meeting with business leaders in Okinawa, March 03, 2016. Bank of Japan, Tokyo. https://www.boj.or.jp/en/announcements/press/koen_2016/data/ko160303a1.pdf. Accessed 30 Aug 2016
OECD (2014) OECD economic outlook no. 96, vol 2014/2, Nov 2014. OECD Publishing, Paris
OECD (2016) Stronger growth remains elusive: urgent policy response is needed. OECD Interim Economic Outlook. February 18, 2016. OECD, Paris. https://www.oecd.org/eco/outlook/OECD-Interim-Economic-Outlook-February-2016.pdf. Accessed 13 Sept 2016
OECD (2018) OECD. Stat. OECD, Paris. http://stats.oecd.org/. Accessed 04 Dec 2018
Palley TI (2000) The case for positive low inflation: some financial market considerations with special attention to the problems of Japan. Eastern Econ J 26(3):277–295
Palley TI (2002) Economic contradictions coming home to roost? Does the U.S. economy face a long-term aggregate demand generation problem? J Post Keynes Econ 25(1):9–32
Palley TI (2012) From financial crisis to stagnation: the destruction of shared prosperity and the role of economics. Cambridge University Press, New York, NY
Palley TI (2015) Inequality, the financial crisis and stagnation: competing stories and why they matter. IMK Working Paper 151, May 2015. Macroeconomic Policy Institute (IMK), Dusseldorf. http://www.boeckler.de/pdf/p_imk_wp_151_2015.pdf. Accessed 13 Sept 2016
Palley TI (2016a) Why negative interest rate policy (NIRP) is ineffective and dangerous. Real-World Economics Review, Issue No. 76, 30 Sept 2016. http://www.paecon.net/PAEReview/issue76/Palley76.pdf. Accessed 22 Oct 2016
Palley TI (2016b) Zero lower bound (ZLB) economics: the fallacy of new Keynesian explanations of stagnation. IMK Working Paper 164, February 2016. Macroeconomic Policy Institute (IMK), Dusseldorf. http://www.boeckler.de/pdf/p_imk_wp_164_2016.pdf. Accessed 22 Oct 2016
Pecchi L, Piga G (eds) (2008) Revisiting Keynes: economic possibilities for our grandchildren. The MIT Press, Cambridge, MA
Piketty T (2014) Capital in the twenty-first century. Harvard University Press, Cambridge, MA, and London
Rachel L, Smith TD (2015) Secular drivers of the global real interest rate. Bank of England Staff Working Paper No. 571. Bank of England, London. https://www.bankofengland.co.uk/working-paper/2015/secular-drivers-of-the-global-real-interest-rate. Accessed 24 Nov 2018
Reinhart CM, Rogoff KS (2011) This time is different: eight centuries of financial folly. Princeton University Press, Princeton, NJ
Robbins L (1932) Consumption and the trade cycle. Economica 38 (Nov 1932):413–430
Robinson J (1977) Michał Kalecki on the economics of capitalism. Oxford Bull Econ Stat 39(1):7–17
Rognlie M (2014) A note on Piketty and diminishing returns to capital. Working Paper, June 15, 2014. http://mattrognlie.com/piketty_diminishing_returns.pdf. Accessed 20 Nov 2018
Rogoff KS (2015) Debt supercycle, not secular stagnation. Centre for Economic Policy Research, London. http://voxeu.org/article/debt-supercycle-not-secular-stagnation. Accessed 13 Sept 2016
Rosenof T (1997) Economics in the long run: new deal theorists and their legacies, 1933–1993. The University of North Carolina Press, Chapel Hill, NC
Rothschild KW (1994) Josef Steindl: 1912–1993. Econ J 104(422):131–137
Sachverständigenrat (2015) Zukunftsfähigkeit in den Mittelpunkt. Jahresgutachten 2015/16. Statistisches Bundesamt, Wiesbaden
Samuelson PA (1976) Alvin Hansen as a creative economic theorist. Q J Econ 90(1):24–31
Schiller K ([1966] 1967) Die Talsohle liegt noch vor uns: In der Aussprache über die Regierungs-erklärung im Deutschen Bundestag in Bonn am 15. Dezember 1966 (Auszug). In: Bundesministerium für Wirtschaft (ed) Reden zur Wirtschaftspolitik von Professor Dr. Karl Schiller, vol 1, BMWi, Bonn, pp 7–15
Schiller K (1967) Die Pferde müssen wieder saufen! Auf der Vortragsveranstaltung der Rheinisch-Westfälischen Börse zu Düsseldorf am 25. Januar 1967. In: Bundesministerium für Wirtschaft (ed) Reden zur Wirtschaftspolitik von Professor Dr. Karl Schiller, vol 1, BMWi, Bonn, pp 23–37
Schiller K (1983) Bin ich ein Liberaler? Der Spiegel 7(1983):28–29
Schneider M (1987) Underconsumption. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 4. Macmillan, London, pp 741–745
Schumpeter JA (1939) Business cycles, vol 2. McGraw-Hill Book Company, Inc., New York, NY, and London
Schumpeter JA ([1941] 1991) An economic interpretation of our time: the Lowell lectures. In: Swedberg R (ed) The economics and sociology of capitalism. Princeton University Press, Princeton, NJ, pp 339–400
Schumpeter JA ([1942] 2008) Capitalism, socialism and democracy, 3rd edn. Harper Perennial Modern Thought, New York, NY
Schumpeter JA (1946) John Maynard Keynes 1883–1946. Am Econ Rev 36(4):495–518
Schumpeter JA (1954) History of economic analysis. Oxford University Press, New York, NY
Semieniuk G (2017) Piketty’s elasticity of substitution: a critique. Rev Polit Econ 29(1):64–79
Shapiro N (2012) Josef Steindl: an economist of his times. PSL Q Rev 65(261):167–187
Simonde de Sismondi JCL ([1819] 1991) New principles of political economy: of wealth in its relation to population (translated and annotated by Richard Hyse, with a foreword by Robert L. Heilbronner). Transaction Publishers, New Brunswick and London
Smith A ([1776] 1976) An inquiry into the nature and causes of the wealth of nations. In: Campbell RH, Skinner AS (eds) The Glasgow edition of the works and correspondence of Adam Smith, vol 2. Oxford University Press, London
Smithin J (2009) Money, enterprise and income distribution: towards a macroeconomic theory of capitalism. Routledge, New York, NY
Spahn HP (1986) Stagnation in der Geldwirtschaft: Dogmengeschichte, Theorie und Politik aus keynesianischer Sicht. Campus Verlag, Frankfurt am Main and New York, NY
Spahn P (2016) Population growth, saving, interest rates and stagnation. Discussing the Eggertsson-Mehrotra model. University of Hohenheim Discussion Paper 04-2016. University of Hohenheim, Stuttgart-Hohenheim. https://wiso.uni-hohenheim.de/fileadmin/einrichtungen/wiso/Forschungsdekan/Papers_BESS/dp_04-2016_online.pdf. Accessed 13 Sept 2016
Steindl J ([1945] 1990) Marshall and the representative firm. In: Steindl J (ed) Economic papers 1941–88, St. Martin’s Press, New York, NY, pp 37–49
Steindl J (1947) Small and big business: economic problems of the size of firms. Basil Blackwell, Oxford
Steindl J ([1952] 1976) Maturity and stagnation in American capitalism (with a new introduction by the author). Monthly Review Press, New York, NY, and London
Steindl J ([1966] 1984) On maturity in capitalist economies. In: Foster JB, Szlajfer H (eds) The faltering economy: the problem of accumulation under monopoly capitalism. Monthly Review Press, New York, NY, pp 167–178
Steindl J ([1979] 1990) Stagnation theory and stagnation policy. In: Steindl J (ed) Economic papers 1941–88, St. Martin’s Press, New York, NY, pp 107–126
Steindl J ([1984] 1990) Reflections on the present state of economics. In: Steindl J (ed) Economic papers 1941–88, St. Martin’s Press, New York, NY, pp 241–252
Steindl J (1987) Stagnation. In: Eatwell J, Milgate M, Newman P (eds) The New Palgrave Dictionary of Economics, vol 4. Macmillan, London, pp 472–474
Steindl J ([1989] 1990) From stagnation in the 30s to slow growth in the 70s. In: Steindl J (ed) Economic papers 1941–88, St. Martin’s Press, New York, NY, pp 166–179
Steindl J (1990) From stagnation in the 1930s to slow growth in the, (1970s) In: Berg M (ed) Political economy in the twentieth century, Barnes & Noble Books, Savage, MD, pp 97–115
Stiglitz JE (2018) The myth of secular stagnation. Project syndicate. 28 Aug 2018. https://www.project-syndicate.org/commentary/secular-stagnation-excuse-for-flawed-policies-by-joseph-e-stiglitz-2018-08. Accessed 16 Nov 2018
Summers LH (2013) Speech at the IMF fourteenth annual research conference in honor of Stanley Fisher, 08 Nov 2013. International Monetary Fund, Washington, DC. http://larrysummers.com/imf-fourteenth-annual-research-conference-in-honor-of-stanley-fischer/. Accessed 02 Aug 2016
Summers LH (2014a) Bold reform is the only answer to secular stagnation. Financial Times column. 14 Sept 2014. http://www.ft.com/cms/s/2/4be87390-352a-11e4-aa47-00144feabdc0.html#axzz4IkW0Licp. Accessed 29 Aug 2016
Summers LH (2014b) Low equilibrium, real rates, financial crisis, and secular stagnation. In: Baily MN, Taylor JB (eds) Across the great divide: new perspectives on the financial crisis. Hoover Institution Press, Stanford, CA, pp 37–50
Summers LH (2014c) Reflections on the ‘new secular stagnation hypothesis’. In: Teulings C, Baldwin R (eds) Secular stagnation: facts, causes and cures. CEPR Press, London, pp 27–38
Summers LH (2014d) The economy hasn’t grown rapidly “in a financially sustainable way” for a long time. Interview with the New Republic (by Danny Vinik), 23 July 2014. https://newrepublic.com/article/118797/larry-summers-interview-ex-im-bank-secular-stagnation-and-trade. Accessed 25 Aug 2016
Summers LH (2014e) U.S. economic prospects: secular stagnation, hysteresis, and the zero lower bound. Bus Econ 49(2):65–73
Summers LH (2015a) Demand side secular stagnation. Am Econ Rev 105(5):60–65
Summers LH (2015b) Low real rates, secular stagnation & the future of stabilization policy. Speech at the Central Bank of Chile Research Conference, 20 Nov 2015. http://larrysummers.com/wp-content/uploads/2015/12/LarrySummers-Central-Bank-of-Chile.pdf. Accessed 29 Aug 2016
Summers LH (2015c) On secular stagnation: a response to Ben Bernanke, 01 Apr 2015. http://larrysummers.com/2015/04/01/on-secular-stagnation-a-response-to-bernanke/. Accessed 25 Aug 2016
Summers LH (2015d) Reflections on secular stagnation. Keynote address at Princeton University’s Julius-Rabinowitz Center for Public Policy & Finance, 19 Feb 2015. http://larrysummers.com/2015/02/25/reflections-on-secular-stagnation/. Accessed 25 Aug 2016
Summers LH (2015e) The Fed looks set to make a dangerous mistake. http://larrysummers.com/2015/08/23/the-fed-looks-set-to-make-a-dangerous-mistake/. Accessed 13 Sept 2016
Summers LH (2016a) Equitable growth in conversation: an interview with Lawrence H. Summers. Interview by Heather Boushey, 11 Feb 2016. Washington Center for Equitable Growth, Washington, DC. http://equitablegrowth.org/research-analysis/equitable-growth-in-conversation-an-interview-with-lawrence-summers/. Accessed 25 Aug 2016
Summers LH (2016b) Secular stagnation and monetary policy. Fed Reserv Bank St Louis Rev 98(2):93–110
Summers LH (2016c) The age of secular stagnation: what it is and what to do about it. Foreign Affairs, 15 Feb 2016. https://www.foreignaffairs.com/articles/united-states/2016-02-15/age-secular-stagnation. Accessed 24 Aug 2016
Summers LH (2016d) The case for secular stagnation is more convincing than ever. Financial Times. Larry Summers Blog, 18 Feb 2016. https://www.ft.com/content/cca662ec-d44b-3419-864e-ac7ccfb0d125. Accessed 20 Oct 2016
Summers LH (2017a) 5 reasons why the Fed may be making a mistake. The Washington Post, Wonkblog Analysis, 14 June 2017. https://wapo.st/2rxCCMh?tid=ss_mail&utm_term=.448ec95254ba. Accessed 20 Nov 2018
Summers LH (2017b) ‘Secular stagnation’ even truer today, Larry Summers says. Interview by David Wessel. Wall Str J, 25 May 2017. https://blogs.wsj.com/economics/2017/05/25/secular-stagnation-even-truer-today-larry-summers-says/. Accessed 24 Nov 2018
Summers LH (2017c) The economy is on a sugar high, and tax cuts won’t help. The Washington Post, Opinions, 10 Dec 2017. http://wapo.st/2nMJPvh?tid=ss_mail&utm_term=.be278029dffb. Accessed 20 Nov 2018
Summers LH (2018a) Secular stagnation and macroeconomic policy. IMF Econ Rev 66(2):226–250
Summers LH (2018b) Setting the record straight on secular stagnation. Project Syndicate. 03 Sept 2018. https://www.project-syndicate.org/commentary/response-to-stiglitz-attack-on-secular-stagnation-by-lawrence-h--summers-2018-09. Accessed 16 Nov 2018
Summers LH (2018c) Why the Fed needs a new monetary policy framework. In Hutchins Center on Fiscal & Monetary Policy at Brookings (ed.), Rethinking the Fed’s 2 percent inflation target. The Brookings Institution, Washington, DC, pp 1–9. https://www.brookings.edu/wp-content/uploads/2018/06/ES_20180607_Hutchins-FedInflationTarget.pdf. Accessed 20 Nov 2018
Swanson EW (1953) Review of maturity and stagnation in American capitalism by J. Steindl. South Econ J 20(2):191–192
Swanson EW, Schmidt EP (1946) Economic stagnation or progress: a critique of recent doctrines on the mature economy, oversavings, and deficit spending. McGraw-Hill Book Company, Inc., New York, NY, and London
Sweezy AR (1940) Population growth and investment opportunity. Q J Econ 55(1):64–79
Sweezy PM (1954) Review of maturity and stagnation in American capitalism by J. Steindl. Econometrica 22(4):531–533
Sweezy PM, Magdoff H (1972) Economic history as it happened, vol I. The dynamics of U.S. capitalism: corporate structure, inflation, credit, gold, and the dollar. Monthly Review Press, New York, NY
Sweezy PM, Magdoff H (1973) Economic history as it happened, vol II. The end of prosperity: the American economy in the 1970s. Monthly Review Press, New York, NY
Sweezy PM, Magdoff H (1977) Economic history as it happened, vol III. The deepening crisis of U.S. capitalism. Monthly Review Press, New York, NY
Sweezy PM, Magdoff H (1987) Economic history as it happened, vol IV. Stagnation and the financial explosion. Monthly Review Press, New York, NY
Sweezy PM, Magdoff H (1988) Economic history as it happened, vol V. The irreversible crisis. Monthly Review Press, New York, NY
Sylos-Labini P ([1957] 1962) Oligopoly and technical progress. Harvard University Press, Cambridge, MA
Taylor JB (1993) Discretion versus policy rules in practice. Carnegie-Rochester conference series on public policy 39(1993):195–214
Taylor JB (2014a) Causes of the financial crisis and the slow recovery. A ten-year perspective. In: Baily MN, Taylor JB (eds) Across the great divide: new perspectives on the financial crisis. Hoover Institution Press, Stanford, CA, pp 51–65
Taylor JB, Wieland V (2016) Finding the equilibrium real interest rate in a fog of policy deviations. Hoover Institution Economics Working Paper 16109. Hoover Institution, Stanford, CA. http://www.hoover.org/research/finding-equilibrium-real-interest-rate-fog-policy-deviations. Accessed 05 Oct 2016
Taylor L (2014b) Paul Krugman’s ‘liquidity trap’ and other misadventures with Keynes. Rev Keynes Econ 2(4):483–489
Terborgh G (1945) The bogey of economic maturity. Machinery and Allied Products Institute, Chicago, IL
The Economist (2016) Out of ammo? The Economist, vol 418 (8977, 20th–26th Feb 2016), p 7
The Economist (2018) Special report: The world economy. The Economist, vol 429 (9113, 3th–19th Oct 2018), pp 3–12
Thwaites G (2015) Why are real interest rates so low? Secular stagnation and the relative price of investment goods. Bank of England Staff Working Paper No. 564. Bank of England, London. https://www.bankofengland.co.uk/working-paper/2015/why-are-real-interest-rates-so-low-secular-stagnation-and-the-relative-price-of-investment-goods. Accessed 25 Nov 2018
Trigg AB (1994) On the relationship between Kalecki and the Kaleckians. J Post Keynes Econ 17(1):91–109
Turner FJ (1920) The frontier in American history. Henry Holt and Company, New York, NY
US Bureau of Labor Statistics (2018) Consumer price index–2018 Oct (USDL-18-1823). Bureau of Labor Statistics, Washington, DC. https://www.bls.gov/news.release/pdf/cpi.pdf. Accessed 22 Nov 2018
US Bureau of the Census (1975) Historical statistics of the United States, colonial times to 1970, bicentennial edition, part 2. US. Government Printing Office, Washington, DC
Verspohl E (1971) Der Stagnationsgedanke in der Nationalökonomie: Eine dogmengeschichtliche und analytische Studie. Inaugural-Dissertation zur Erlangung des Doktorgrades der Wirtschafts- und Sozialwissenschaftlichen Fakultät der Universität zu Köln. University of Cologne, Cologne
Wallich HC, Weintraub S (1971) A tax-based incomes policy. J Econ Issues 5(2):1–19
Walterskirchen E (2012) Langfristige Perspektiven von Keynes und die aktuelle Wirtschaftsentwicklung. In: Chaloupek G, Marterbauer M (eds) Wirtschaftswissenschaftliche Tagungen der Arbeiterkammer Wien, Band 17: 75 Jahre General Theory of Employment, Interest and Money, LexisNexis Verlag ARD Orac, Vienna, pp 131–147
Weber AA, Lemke W, Worms A (2008) How useful is the concept of the natural real rate of interest for monetary policy? Camb J Econ 32(1):49–63
Weintraub D (1939) Effects of current and prospective technological developments upon capital formation. Am Econ Rev 29(1):15–32
von Weizsäcker CC (2010) Das Janusgesicht der Staatsschulden. Frankfurter Allgemeine Zeitung June 4, 2010:12
von Weizsäcker CC (2011) Public debt requirements in a regime of price stability. Preprints of the Max Planck Institute for Research on Collective Goods Bonn 2011/20. Max Planck Society, Bonn. https://www.coll.mpg.de/pdf_dat/2011_20online.pdf. Accessed 05 Sept 2016
von Weizsäcker CC (2013) Der Vorsorge-Albtraum. Wirtschaftsdienst 93(13):7–15
von Weizsäcker CC (2016) Europas Mitte. Perspektiven der Wirtschaftspolitik 17(4):383–392
Wicksell K, ([1898] 1962) Interest and prices: a study of the causes regulating the value of money. Macmillan & Co., Ltd., London
Wicksell K ([1935] 1978) Lectures on political economy, vol II: Money. Augustus M. Kelley Publishers, Fairfield, NJ
Williams JC (2016) Monetary policy in a low R-star world. Federal Reserve Bank of San Francisco Economic Letter 2016-23, 15 Aug 2016. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.frbsf.org/economic-research/files/el2016-23.pdf. Accessed 04 Sept 2016
Woirol GR (1996) The technological unemployment and structural unemployment debates. Greenwood Press, Westport, CT, and London
Woirol GR (2006) New data, new issues: the origins of the technological unemployment debates. History Polit Econ 38(3):473–496
Woodford M (2003) Interest and prices. Foundations of a theory of monetary policy. Princeton University Press, Princeton, NJ
World Bank (2018) Global economic prospects: the turning of the tide? A World Bank Group flagship report, June 2018. International Bank for Reconstruction and Development and The World Bank, Washington, DC. http://www.worldbank.org/en/publication/global-economic-prospects. Accessed 16 Nov 2018
Yellen JL (2011) Aggregate demand and the global economic recovery. In: Remarks at the Asia Economic Policy Conference “Asia’s Role in the Post-Crisis Global Economy” in San Francisco, California, 29 Nov 2011. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.federalreserve.gov/newsevents/speech/yellen20111129a1.pdf. Accessed 18 Oct 2016
Yellen JL (2015) Normalizing monetary policy: prospects and perspectives. In: Remarks at “The New Normal Monetary Policy” Research Conference in San Francisco, California, 27 Mar 2015. Federal Reserve Bank of San Francisco, San Francisco, CA. http://www.federalreserve.gov/newsevents/speech/yellen20150327a.pdf. Accessed 15 Oct 2016
Zinn KG (2008) Die Keynessche Alternative: Beiträge zur Keynesschen Stagnationstheorie, zur Geschichtsvergessenheit der Ökonomik und zur Frage einer linken Wirtschaftsethik. VSA-Verlag, Hamburg
Zottmann A (1949) Dr. habil. August Lösch. Gestorben am 30. Mai 1945. Weltwirtschaftliches Archiv 62(1949):28–34
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Anselmann, C. (2020). Demand-Side Stagnation Theories. In: Secular Stagnation Theories. Springer Studies in the History of Economic Thought. Springer, Cham. https://doi.org/10.1007/978-3-030-41087-2_3
Download citation
DOI: https://doi.org/10.1007/978-3-030-41087-2_3
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-41086-5
Online ISBN: 978-3-030-41087-2
eBook Packages: Economics and FinanceEconomics and Finance (R0)