Secular Stagnation, or How to Stimulate Innovation (Collection of Papers)
$ 42.5
Description
Why despite ultra-easy monetary policy, economic growth in developed economies remains at a low level? How monetary policy and taxes affect innovation? The Great Recession that was precipitated in the United States by the financial crisis of 2007–08 and quickly spread to the world economy revealed the problems of the previous development model based on stimulating demand through the growth of debts. Lowering interest rates to near-zero levels and a massive injection of liquidity into the economy severely limited the ability of monetary policy to stimulate economic growth. This collection presents papers examining the causes of the Great Recession and discusses how to move from a demand-driven model to one based on innovation.