Aging, Secular Stagnation and the Business Cycle

Aging, Secular Stagnation and the Business Cycle
As of 2015, U.S. log output per capita was 12 percent below what its pre-2008 linear trend would predict. To understand why, I develop and estimate a model of the US with demographics, real and monetary shocks, and the occasionally binding ZLB on nominal rates. Demographic changes generate slow-moving trends in the real... READ MORE...

Publication date: March 2018
ISBN 9781484345405
$18.00

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