The growth and interest rate negative trends of advanced economies seem to indicate a macroeconomic equilibrium known in the literature as "Secular Stagnation", with worrying repercussions on welfare, on the financial balance of states and on monetary policies. Many long-term factors discussed in growth theory are called into question to account for these trends: savings decision, demography, investments, income distribution, innovation, to name a few. Some of these factors are intertwined with each other highlighting sometimes counter-intuitive mechanisms forming a complex picture. In this review, we present the main trends and afterward we summarize the main mechanisms that the literature has suggested as their possible determinants; a short survey, hopefully useful, to synthesize in a non-technical way the efforts of economic research on these very relevant issues.

La stagnazione secolare: fatti stilizzati e possibili cause

Luciano Mauro
2022-01-01

Abstract

The growth and interest rate negative trends of advanced economies seem to indicate a macroeconomic equilibrium known in the literature as "Secular Stagnation", with worrying repercussions on welfare, on the financial balance of states and on monetary policies. Many long-term factors discussed in growth theory are called into question to account for these trends: savings decision, demography, investments, income distribution, innovation, to name a few. Some of these factors are intertwined with each other highlighting sometimes counter-intuitive mechanisms forming a complex picture. In this review, we present the main trends and afterward we summarize the main mechanisms that the literature has suggested as their possible determinants; a short survey, hopefully useful, to synthesize in a non-technical way the efforts of economic research on these very relevant issues.
2022
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https://www.acri.it/il-risparmio/
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11368/3018991
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