Munich Personal RePEc Archive

Secular Stagnation, Low Interest Rates and Low Inflation: Causes and Implications for Policy

Kollmann, Robert and Lubik, Thomas and Roeger, Werner (2021): Secular Stagnation, Low Interest Rates and Low Inflation: Causes and Implications for Policy.

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Abstract

Slow growth, low interest rates and low inflation have characterized the macroeconomic environment in the Euro Area and other advanced economies since the global financial crisis of 2008-09. In this economic landscape there are growing concerns that advanced economies will face continued stagnation. This has not abated in the wake of the COVID-19 pandemic as the underlying trends and driving factors are still in force. This special issue of the Journal of Economic Dynamics and Control consists of 8 papers that offer novel empirical and theoretical perspectives on slow growth, low interest rates and inflation rates, and discuss resulting challenges for macroeconomic policy. All papers were presented at a virtual conference organized by the Journal of Economic Dynamics and Control, the European Commission and the Centre for Economic Policy Research (CEPR) on 5-6 November 2020.

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