Secular Stagnation: Determinants and Consequences for Australia

36 Pages Posted: 7 Dec 2017

See all articles by Grace Taylor

Grace Taylor

Business School, University of Western Australia

Rod Tyers

Australian National University (ANU) - School of Economics; The University of Western Australia - Department of Economics

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Date Written: December 2017

Abstract

Slack OECD economic performance and weaker macroeconomic policy support Summers's reuse of the phrase ‘secular stagnation’. Globalisation has redirected growth towards emerging economies, and anticipated rates of return on investment are impaired by perceived risk, institutionalised risk aversion, ageing and dependency, declining commitments to public investment and research and development with rising shares directed to health, retained trade distortions, industrial concentration and slower human capital accumulation, not to mention unexpected global abundance of fossil fuels and a slower Chinese economy. The information and literature supporting these concerns is reviewed and implications for global and Australian policy are inferred.

Suggested Citation

Taylor, Grace and Tyers, Rod, Secular Stagnation: Determinants and Consequences for Australia (December 2017). Economic Record, Vol. 93, Issue 303, pp. 615-650, 2017, Available at SSRN: https://ssrn.com/abstract=3083177 or http://dx.doi.org/10.1111/1475-4932.12357

Grace Taylor (Contact Author)

Business School, University of Western Australia ( email )

35 Stirling Highway
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AUSTRALIA

Rod Tyers

Australian National University (ANU) - School of Economics ( email )

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Australian National University
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Australia
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The University of Western Australia - Department of Economics ( email )

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Crawley, Western Australia 6009
Australia
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HOME PAGE: http://www.business.uwa.edu.au/school/staff-profiles?type=profile&dn=cn%3DRodney%20Tyers%2Cou%3DEcon

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