Sobre las causas y las consecuencias del estancamiento secular

  1. Juan F. JIMENO 1
  1. 1 Banco de España
    info

    Banco de España

    Madrid, España

    ROR https://ror.org/02f26yq04

Revue:
Papeles de economía española

ISSN: 0210-9107

Année de publication: 2020

Número: 164

Pages: 134-146

Type: Article

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D'autres publications dans: Papeles de economía española

Résumé

This paper reviews the recent literature on the economic implications of demographic and technological changes from the perspective of the so-called «secular stagnation» hypothesis. It highlights the main mechanisms by which those changes affect macroeconomic variables, and singles out some important consequences for economic and social policies. The main conclusion is the emergence of a new economic context that requires close examination of the macroeconomic policy mix implemented in the past and of the stance and instruments of fiscal and social policies. It also suggests the main research areas that need to be covered to achieve this goal.

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