Handbook of economic stagnation
Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on...
| Otros Autores: | , |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
London, England :
Academic Press
[2022]
|
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009835430806719 |
Tabla de Contenidos:
- Front Cover
- HANDBOOK OF ECONOMIC STAGNATION
- HANDBOOK OF ECONOMIC STAGNATION
- Copyright
- Contents
- Contributors
- Introduction: Handbook on economic stagnation
- Overview of the contributions to this volume
- Part A: Secular stagnation: theory, causes, and evidence
- Hein: Stagnation policy: a Steindlian perspective
- Skott: Growth and stagnation in mature and dual economies
- Storm: The secular stagnation of productivity growth
- Kotz: Stagnation and social structures of accumulation
- Hein: Financialization and stagnation-a macroeconomic regime perspective
- Fazzari: Hyman Minsky meets secular stagnation
- Nikiforos: Demand, distribution, productivity, structural change, and (secular?) stagnation
- Podkaminer: Economic stagnation in the Euro area
- Part B: Secular stagnation in the Global South
- Akyüz: Inequality, stagnation, financialization, and the Global South
- Bresser-Pereira, Feijó, and Araújo: Does the liberal policy regime condemn Latin America to quasi-stagnation?
- Blecker: Mexico: unequal integration and "stabilizing stagnation"
- Huerta: The stagnation of the Mexican economy is here to stay
- Ferrari-Filho: The Brazilian stagnation and an economic agenda to ensure macroeconomic stability and social development
- Part C: The return of big government and economic prospects after the pandemic
- Wray: The role of big government: an introduction
- Dantas and Wray: Secular stagnation: as good as it gets?
- Tymoigne: Secular stagnation and the age of ultra-low interest rates
- Mattos: Monetary policy after the crisis-a Post-Keynesian critique
- Nersisyan and Wray: Biden's build back better proposal and the future of secular stagnation
- A - Secular stagnation: theory, causes, and evidence.
- One - Stagnation policy: a Steindlian perspective∗∗This contribution draws on Hein (2016, 2018), summarizing and fo ...
- Introduction
- A Steindlian model of distribution and growth
- The basic model
- Equilibrium growth with exogenous technological progress
- Equilibrium growth with endogenous technological progress
- The channels of stagnation policy and implications for its reversal
- Conclusions
- References
- Two - Growth and stagnation in mature and dual economies
- Introduction
- Mature economies, functional finance, and secular stagnation
- Dual economies and structural transformation
- Two cases: Japan and Brazil
- References
- Three - The secular stagnation of productivity growth
- The 'slow-moving turtle'
- Potential output growth and productivity growth
- Total-factor-productivity (TFP) growth: solow variations
- Bringing demand in from the cold
- Wage growth as a determinant of productivity growth
- Conclusion: weak demand growth pulls down potential output growth
- Acknowledgments
- References
- Four - Stagnation and social structures of accumulation
- Introduction11This chapter is a revised and updated version of Kotz and Basu (2019). Baris Guven provided research assistan ...
- Social structure of accumulation theory and stagnation
- History of SSAs in the United States
- The neoliberal SSA and stagnation in the U.S.
- Data analysis
- Concluding comments
- References
- Further reading
- Five - Financialization and stagnation-a macroeconomic regime perspective∗∗This contribution draws on Hein (2018a, ...
- Introduction
- The concept of macroeconomic regimes under financialization
- The regimes before the crisis
- Changes in the regimes in the course of and after the crisis
- Challenges: imbalances, instability, and stagnation
- Conclusions
- References.
- Six - Hyman Minsky meets secular stagnation∗
- The microfoundations of Minsky's theory of investment
- A simple model of investment
- Integrating finance: borrowers' and lenders' risk
- What determines investment?
- From microeconomic investment to macroeconomic instability
- Distinguishing firm-level financial constraints from "loanable funds" theory
- Dynamics of financial instability: validation and fragility
- Brief digression on uncertainty
- Seeds of a Minsky crisis in the household sector
- Household finance and spending: 1980 through the Great Recession
- Dynamics of validation and fragility in the household sector
- Weak recovery, rising inequality, and secular stagnation
- Conclusion
- References
- Seven - Demand, distribution, productivity, structural change, and (secular?) stagnation
- Introduction
- Neoclassical explanations of secular stagnation
- Demand effects
- Income distribution
- Endogenous technical change
- Monopoly capital and financialization
- Instead of conclusion: stagnation, is it secular?
- References
- Eight - Economic stagnation in the Euro Area
- Preface
- Secular growth slowdown in the Euro Area: evidence
- A short digression: the slowdown of private consumption growth is linked to the slowdown of growth of fixed capital formation
- Falling wage shares: not quite a "natural development"
- A somewhat longer digression: supply side developments unlikely to have underlain stagnating output growth
- The noxious of restrictive EU fiscal policy rules and the common monetary policy
- Real effective exchange rate of Germany's EA partners: from relative appreciation to relative depreciation
- The limits of "internal devaluation"
- Suppression of fiscal deficits critically contributing to stagnant EA output growth
- The future remains uncertain
- References.
- B - Secular stagnation in the global south
- Nine - Inequality, stagnation, financialization, and the Global South
- Introduction
- Inequality, stagnation, and financialization
- Spillovers to the Global South
- External vulnerabilities of EMEs
- Resource transfers
- Net investment income positions
- Wealth transfers
- Conclusions
- References
- Ten - Does the liberal policy regime condemn Latin America to quasi-stagnation?
- Introduction
- First, nonconsolidated industrial development
- Second, growth with foreign savings
- Third, anchor to control inflation
- Fourth, high level interest rate
- Fifth, neutralization of the Dutch disease
- Sixth, capital controls
- Seventh, industrial policy
- Eighth, public savings
- Conclusion
- References
- Eleven - Mexico: unequal integration and "stabilizing stagnation"
- Dedication
- Introduction
- The growth slowdown in Mexico
- Alternative explanations for Mexico's slow growth
- The conventional wisdom: supply side causes
- The main explanation: focusing on the demand side
- Fiscal, monetary, and exchange rate policies
- The external constraint
- Inequality and the falling labor share
- Conclusions
- Acknowledgement
- References
- Twelve - The stagnation of the Mexican economy is here to stay∗∗The present article is part of the Research Project ...
- Macroeconomic policies for maintaining "stability" are detrimental to endogenous conditions for growth
- Stability of the exchange rate does not allow for flexibility of economic policies to foster growth
- The government's policy for stabilizing the exchange rate, and for lowering inflation, the fiscal deficit, and the amount o ...
- The fiscal and taxation policy
- The government will not succeed in reducing the amount of debt by reducing public spending
- Trade agreements have not been favorable toward economic growth.
- Income inequality is harmful to economic growth
- Public investment is falling, and there is insufficient internal and external demand for growth
- There is no countercyclical fiscal policy
- Lower economic growth potential is detrimental to job creation, salaries, and the public wellbeing
- Deceleration of the world economy
- The fragility of the economy when it depends upon capital inflows
- The Mexican economy has neither productive conditions, nor the economic-policy management needed to deal with external shocks
- The impossibility of continuing with the predominating neoliberal policy
- The need to operate with a flexible exchange rate
- Mexico needs a fiscal deficit that favors the productive sector to adjust the external deficit and drive the dynamics of th ...
- References
- Thirteen - The Brazilian economic recession and stagnation and an Agenda to ensure macroeconomic stability and soci ...
- Introduction
- Chronicle of a crisis foretold
- An Agenda for the Brazilian economy
- Conclusion
- References
- C - The return of big government and economic prospects after the pandemic
- Fourteen - The role of big government: an introduction∗∗This chapter draws on Levy Economics Institute Working Pape ...
- The Domar problem and secular stagnation since 1910!
- Conclusion
- References
- Further reading
- Fifteen - Secular stagnation: as good as it gets?
- Introduction
- Secular stagnation and labor productivity growth
- Growth decomposition: productivity as a residual
- The role played by stagnation of wages
- Labor markets-the demand side
- Evidence from the experience of prime age workers
- The way forward
- References
- Further reading
- Sixteen - Secular stagnation and the age of ultra-low interest rates
- Interest rates over the past century
- Secular stagnation and interest rates
- Implications
- References.
- Seventeen - Monetary policy after the subprime crisis: a Post-Keynesian critique.
