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Aggregate Demand, Functional Finance and Secular Stagnation

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dc.contributor.authorSkott, Peter
dc.contributor.departmentUniversity of Massachusetts, Amherst
dc.date2023-09-23T14:44:57.000
dc.date.accessioned2024-04-26T16:30:49Z
dc.date.available2024-04-26T16:30:49Z
dc.date.issued2016-01-01
dc.description.abstractThis 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.
dc.identifier.doihttps://doi.org/10.7275/8275667
dc.identifier.urihttps://hdl.handle.net/20.500.14394/22175
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1201&context=econ_workingpaper&unstamped=1
dc.source.issue2016-02
dc.source.statuspublished
dc.subjectFunctional finance
dc.subjectzero lower bound
dc.subjectliquidity trap
dc.subjectfiscal policy
dc.subjectsecular stagnation
dc.subjectausterity
dc.subjectpublic debt.
dc.subjectEconomics
dc.titleAggregate Demand, Functional Finance and Secular Stagnation
dc.typearticle
dc.typearticle
digcom.contributor.authorisAuthorOfPublication|email:pskott@econs.umass.edu|institution:University of Massachusetts, Amherst|Skott, Peter
digcom.identifierecon_workingpaper/201
digcom.identifier.contextkey8275667
digcom.identifier.submissionpathecon_workingpaper/201
dspace.entity.typePublication
relation.isAuthorOfPublication9fbadb4c-714f-4bf3-9344-2ac3851cd2e8
relation.isAuthorOfPublication.latestForDiscovery9fbadb4c-714f-4bf3-9344-2ac3851cd2e8
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