“Secular stagnation, the introduction of the pill, and house prices”
Professor Coen Teulings is the Montague Burton Chair of Labour Economics and Industrial Relations at the University of Cambridge.
It is now 7 years since the global crisis and although there are signs that at least the US and the UK are growing close to the rates of growth before the crisis, the level of GDP has not returned to a path it would have achieved in the absence of the crisis.
The term 'secular stagnation' was first coined by Larry Summers, Professor of Economics at Harvard University. As Professor Barry Eichengreen observed: “The idea that America and other advanced economies might be suffering from more than the hangover from a financial crisis resonated with many observers. … but while the term 'secular stagnation’ was widely repeated, it was not widely understood."
Coen Teulings provides some welcome clarity on this important issue for the world economy.
Download the book on Secular Stagnation at the Centre for Economic Policy Research (CEPR) website.