A Model of Secular Stagnation
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We propose an overlapping generations New Keynesian model in which a permanent (or very persistent) slump is possible without any self-correcting force to full employment. The trigger for the slump is a deleveraging shock, which creates an oversupply of savings. Other forces that work in the same
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美国国家经济研究局创建时间：
2014-10-01
