| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11074 |
| DP11074 Stagnation Traps | |
| Gianluca Benigno; Luca Fornero | |
| 发表日期 | 2016-01-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full employment because weak growth depresses aggregate demand and pushes the interest rate against the zero lower bound, while growth is weak because low aggregate demand results in low profits, limiting firms' investment in innovation. Policies aiming at restoring growth can successfully lead the economy out of a stagnation trap, thus rationalizing the notion of job creating growth. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations ; Macroeconomics and Growth |
| 关键词 | Secular stagnation Liquidity traps Growth traps Endogenous growth Multiple equilibria |
| URL | https://cepr.org/publications/dp11074 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539903 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Luca Fornero. DP11074 Stagnation Traps. 2016. |
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