| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22299 |
| 来源ID | Working Paper 22299 |
| A Contagious Malady? Open Economy Dimensions of Secular Stagnation | |
| Gauti B. Eggertsson; Neil R. Mehrotra; Sanjay R. Singh; Lawrence H. Summers | |
| 发表日期 | 2016-06-06 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - characterize much of the global economy. We consider an overlapping generations, open economy model of secular stagnation, and examine the effect of capital flows on the transmission of stagnation. In a world with a low natural rate of interest, greater capital integration transmits recessions across countries as opposed to lower interest rates. In a global secular stagnation, expansionary fiscal policy carries positive spillovers implying gains from coordination, and fiscal policy is self-financing. Expansionary monetary policy, by contrast, is beggar-thy-neighbor with output gains in one country coming at the expense of the other. Similarly, we find that competitiveness policies including structural labor market reforms or neomercantilist trade policies are also beggar-thy-neighbor in a global secular stagnation. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w22299 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579972 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Neil R. Mehrotra,Sanjay R. Singh,et al. A Contagious Malady? Open Economy Dimensions of Secular Stagnation. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22299.pdf（461KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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