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Stagnation Traps

Gianluca Benigno and Luca Fornaro.

in The Review of Economic Studies

July 2018; p ublished online November 2017 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Technological Change; Research and Development; Economic Growth and Aggregate Productivity. 23962 words.


We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent, slumps characterized by high...