Review paper
Lawrence Summers Deserves a Nobel Prize for Reviving the Theory of Secular Stagnation
Abstract
Lawrence Summers produced a big upset within the economics profession when he revived Alvin Hansen’s theory of secular stagnation, which had been thought of as an old-Keynesian fallacy. While some economists like Brad DeLong and Paul Krugman instantly recognized Summers’s contribution, a large share of the economics profession remained skeptical at first. Whereas most New Keynesian models allow for macroeconomic shocks to have only transitory...
Paper Details
Title
Lawrence Summers Deserves a Nobel Prize for Reviving the Theory of Secular Stagnation
Published Date
Sep 30, 2019
Journal
Volume
16
Issue
2
Pages
342 - 373
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