Quarterly Publication - June 2014 - Secular stagnation, or the natural order of things?

With seesawing economic statistics, the words “secular stagnation” have come back into fashion. It should be said that when they are pronounced by an economist as eminent as Larry Summers, former U.S. treasurer and president emeritus of Harvard University, their weight is proportionally increased. In short, this choice of words, which originated in the aftermath of the 1930s Depression, has captured the imagination of several observers


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