Artikel

Aggregate demand, functional finance, and secular stagnation

This paper makes three main points. Fiscal policy, first, may be needed in the long run to maintain full employment and avoid secular stagnation. If fiscal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government consumption, and (iii) directly on the degree of inequality. The analysis, third, suggests that policies and policy debates have been misguided. The recent rediscovery of 'secular stagnation' by Summers and others should be welcomed, but the suggested theoretical redirection is unclear and does not go far enough.

Sprache
Englisch

Erschienen in
Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 13 ; Year: 2016 ; Issue: 2 ; Pages: 172-188

Klassifikation
Wirtschaft
Fiscal Policy
Investment; Capital; Intangible Capital; Capacity
Thema
functional finance
zero lower bound
liquidity trap
fiscal policy
secular stagnation
austerity
public debt

Ereignis
Geistige Schöpfung
(wer)
Skott, Peter
Ereignis
Veröffentlichung
(wer)
Edward Elgar Publishing
(wo)
Cheltenham
(wann)
2016

DOI
doi:10.4337/ejeep.2016.02.03
Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Skott, Peter
  • Edward Elgar Publishing

Entstanden

  • 2016

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