Secular Sagnation

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Secular Stagnation: Facts, Causes and Cures
Edited by Coen Teulings and Richard Baldwin

CEPR Press

a

A VoxEU.org Book

Secular Stagnation: Facts, Causes, and Cures
A VoxEU.org eBook

Centre for Economic Policy Research (CEPR)
Centre for Economic Policy Research 3rd Floor 77 Bastwick Street London, EC1V 3PZ UK Tel: +44 (0)20 7183 8801 Email: cepr@cepr.org Web: www.cepr.org ISBN: 978-1-907142-77-2 © CEPR Press, 2014

Secular Stagnation: Facts, Causes, and Cures
A VoxEU.org eBook

edited by Coen Teulings and Richard Baldwin

CEPR Press

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Centre for Economic Policy Research (CEPR)
The Centre for Economic Policy Research (CEPR) is a network of almost 900 research economists based mostly in European universities. The Centre’s goal is twofold: to promote world-class research, and to get the policy-relevant results into the hands of key decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. It takes no institutional stand on economic policy matters and its core funding comes from its Institutional Members and sales of publications. Because it draws on such a large network of researchers, its output reflects a broad spectrum of individual viewpoints as well as perspectives drawn from civil society. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications. The opinions expressed in this report are those of the authors and not those of CEPR. Chair of the Board President Director Research Director Guillermo de la Dehesa Richard Portes Richard Baldwin Kevin Hjortshøj O’Rourke

Contents

Introduction Richard Baldwin and Coen Teulings

1

Opening the debate
1 Reflections on the ‘New Secular Stagnation…...

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