11,713
Views
49
CrossRef citations to date
0
Altmetric
Articles

Secular stagnation: The history of a macroeconomic heresy

References

  • Ackley, G., 1961. Macroeconomic theory. New York: Macmillan.
  • Backhouse, R.E., 2015. Economic power and the financial machine: competing conceptions of market failure in the Great Depression. History of political economy, 47 (suppl), 99–126.
  • Backhouse, R.E. and Boianovsky, M., 2013. Transforming modern macroeconomics: exploring disequilibrium microfoundations, 1956–2003. Cambridge: Cambridge University Press.
  • Backhouse, R.E., and Boianovsky, M., 2016. Theories of stagnation in historical perspective. European journal of economics and economic policies, forthcoming.
  • Bailey, M., 1962. National income and the price level. New York: McGraw-Hill.
  • Barber, W., 1987. The career of Alvin H. Hansen in the 1920s and 1930s: a study in intellectual transformation. History of political economy, 19, 191–205.
  • Bernanke, B., 2015. Why are interest rates so low, part 2: secular stagnation. Available from: http://www.brookings.edu/blogs/ben-bernanke/posts/2015/03/31-why-interest-rates-low-secular-stagnation
  • Boianovsky, M., 2004. The ISLM model and the liquidity trap concept: from Hicks to Krugman. In: M. De Vroey and K.D. Hoover, eds. The IS-LM model: its rise, fall and strange persistence. Annual supplement to History of Political Economy. Durham, NC: Duke University Press, 92–126.
  • Boianovsky, M., 2012. Svennilson and the Kaldor–Verdoorn law. In: H. Krämer, H. Kurz and H.-M. Trautwein, eds. Macroeconomics and the history of economic thought: festschrift in honour of Harald Hagemann. London: Routledge.
  • Boianovsky, M., 2015. Modeling economic growth: domar on moving equilibrium. Duke Center for the History of Political Economy, Working Paper # 2015-10. Available from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2664149
  • Boianovsky, M. and Trautwein, H.-M., 2010. Schumpeter on unemployment. Journal of evolutionary economics, 20, 233–63.
  • Branson, W., 1979. Macroeconomic theory and policy. 2nd ed. New York: Harper & Row.
  • Cassel, G., 1903. The nature and necessity of interest. London: Macmillan.
  • Dillard, D., 1955. Review of Hansen (1953). Journal of economic history, 15, 327–28.
  • Dockès, P., 2015. Les débats sur la stagnation séculaire dans les anées 1937–1950: Hansen-Terborgh et Schumpeter-Sweezy. Revue économique, 66, 967–92.
  • Domar, E.D., 1944. The “Burden of the Debt” and the national income. American economic review, 34, 798–827.
  • Domar, E.D., 1946. Capital expansion, rate of growth, and employment. Econometrica, 14, 137–47.
  • Domar, E.D., 1947. Expansion and employment. American economic review, 37, 34–55.
  • Domar, E.D., 1948. The problem of capital accumulation. American economic review, 38, 777–94.
  • Domar, E.D., 1957. Essays in the theory of economic growth. New York: Oxford University Press.
  • Dutt, A.K., 2005. Internal finance and monopoly power in capitalist economies: a reformulation of Steindl's growth model. Metroeconomica, 46, 16–34.
  • Eichengreen, B., 2015. Secular stagnation: the long view. American economic review, 105, 66–70.
  • Espenshade, T.J., 1978. Zero population growth and the economics of developed nations. Population and development review, 4, 645–80.
  • Fellner, W., 1956. Trends and cycles in economic activity: an introduction to problems of economic growth. New York: Henry Holt.
  • Fogel, R., 2005. Reconsidering expectations of economic growth after World War II from the perspective of 2004. IMF staff papers, 52, 6–14.
  • Galbraith, J. K., 1958. The affluent society. New York: Houghton Mifflin.
  • Gilman, N., 2003. Mandarins of the future: modernization theory in Cold-War America. Baltimore, MD: Johns Hopkins University Press.
  • Gordon, R.J., 2014. The turtle's progress: secular stagnation meets the headwinds. In: C. Teulings and R. Baldwin, eds. Secular stagnation: facts, causes and cures. London: CEPR, 47–60.
  • Gordon, R.J., 2015. Secular stagnation: a supply side view. American economic review, 105, 54–9.
  • Guthrie, W. and Tarascio, V., 1992. Keynes on economic growth, stagnation and structural change: new light on a 55-year old controversy. History of Political Economy, 24, 381–412.
  • Haberler, G., 1941. Prosperity and depression. 3rd ed. Geneva: League of Nations.
  • Hansen, A.H., 1921. Cycles of prosperity and depression in the United States, Great Britain and Germany: a study of monthly data, 1902–1908. Madison: University of Wisconsin Studies in the Social Sciences and History.
  • Hansen, A.H., 1932. Economic stabilization in an unbalanced world. New York: Harcourt, Brace.
  • Hansen, A.H., 1934. Capital goods and the restoration of purchasing power. Proceedings of the academy of political science, 16, 11–19.
  • Hansen, A.H., 1936. Mr. Keynes on underemployment equilibrium. Journal of political economy, 44, 667–86.
  • Hansen, A.H., 1938. Full recovery or stagnation? New York: Norton.
  • Hansen, A.H., 1939, Economic progress and declining population growth. American economic review, 29, 1–15.
  • Hansen, A.H., 1941. Fiscal policy and business cycles. London: Allen and Unwin.
  • Hansen, A.H., 1943. The postwar economy. In: S. Harris, ed. Postwar economic problems. New York: McGraw-Hill, 9–26.
  • Hansen, A.H., 1946a. Keynes and the general theory. Review of economics and statistics, 28, 182–7.
  • Hansen, A.H., 1946b. Some notes on Terborgh's “The bogey of economic maturity”. Review of economics and statistics, 28, 13–17.
  • Hansen A.H., 1951. Business cycle and national income. New York: Norton.
  • Hansen, A.H., 1953. A guide to Keynes. New York: McGraw-Hill.
  • Hansen, A.H., 1954. Growth or stagnation in the American economy. Review of economics and statistics, 36, 409–14.
  • Hansen, A.H., 1957a. Trends and cycles in economic activity. Review of economics and statistics, 39, 105–15.
  • Hansen, A.H., 1957b. The American economy. New York: McGraw-Hill.
  • Hansen, A.H., 1966. Stagnation and under-employment equilibrium. Rostra economica Amstelodamensia, November, 7–9. Available from: https://issuu.com/sefa_uva/stacks
  • Hansen, A.H. and Perloff, H.S., 1942. Regional resource development. Washington, DC: National Planning Association.
  • Harris, S., ed., 1943. Postwar economic problems. New York: McGraw-Hill.
  • Harrod, R.F. 1939. An essay in dynamic theory. Economic journal, 49, 14–33.
  • Harrod, R.F., 1948. Towards a dynamic economics. London: Macmillan.
  • Harrod, R.F., 1959. Domar and dynamic economics. Economic journal, 69, 451–64.
  • Hawtrey, R.W., 1937. Alternative theories of the rate of interest: rejoinder. Economic Journal, 47 (187), 436–43.
  • Hein, E., 2015. Secular stagnation or stagnation policy? Steindl after Summers. Levi Economics Institute of Bard College. Working Paper # 486. Available from: http://www.levyinstitute.org/pubs/wp_846.pdf
  • Higgins, B., 1948. Concepts and criteria of secular stagnation. In: L.A. Metzler, ed. Income, employment and public policy: essays in honour of Alvin H. Hansen. New York: Norton, 82–107.
  • Higgins, B., 1950. The theory of increasing under-employment. Economic journal, 60, 255–74.
  • Higgins, B., 1959. Economic development. New York: Norton.
  • Johnson, H.G., 1971. The Keynesian revolution and the monetarist counter-revolution. The American economic review, 61, 1–14.
  • Keynes, J.M., 1919. Economic consequences of the peace. London: Macmillan.
  • Keynes, J.M. 1936. The general theory of employment, interest and money. London: Macmillan.
  • Keynes, J.M., 1937. Some economic consequences of a declining population. Eugenics review, 29, 13–17.
  • Klein, L.R., 1947a. The Keynesian revolution. New York: Macmillan.
  • Klein, L.R., 1947b. Theories of effective demand and employment. Journal of political economy, 55, 108–31.
  • Knight, F.H., 1936. The quantity of capital and the rate of interest. Journal of political economy, 44, 433–63 and 612–47.
  • Knight, F.H., 1944. Diminishing returns from investment. Journal of political economy, 52, 26–47.
  • Krugman, P., 2014. Four observations on secular stagnation. In: C. Teulings and R. Baldwin, eds. Secular stagnation: facts, causes and cures. London: CEPR, 61–68.
  • Lee, F., 1999. Josef Steindl and the stagnation thesis. In: Post Keynesian price theory. Cambridge: Cambridge University Press, 186–200.
  • Leijonhufvud, A., 1968. On Keynesian economics and the economics of Keynes. New York: Oxford University Press.
  • Lekachman, R., ed., 1964. Keynes's general theory: reports of three decades. London: Macmillan.
  • Lekachman, R., 1966. The age of Keynes. New York: Random House.
  • Mehrling, P., 1997. The money interest and the public interest: American monetary thought, 1920–1970. Cambridge, MA: Harvard University Press.
  • Neal, L., 1978. Is secular stagnation around the corner? A survey of the influences of slowing population growth upon investment demand. In: T. Espenshade, ed. The economic consequences of slowing population growth. New York: Academic Press, 101–25.
  • O'Rourke, K.H. 2016. Economic impossibilities for our grandchildren. Journal of the British Academy, 4, 21–51. Available from: http://www.britac.ac.uk/journal/4/orourke.cfm.
  • Patinkin, D., 1948. Price flexibility and full employment. The American economic review, 38, 543–64.
  • Patinkin, D., 1956. Money, interest and prices: an integration of monetary and value theory. Evanston, IL: Row Peterson.
  • Patinkin, D., ed., [1973]1981. Frank Knight as a teacher. In: Essays on and in the Chicago tradition. Durham, NC: Duke University Press.
  • Penrose, E., 1968. Stagnation. In: D.L. Sills, ed. International encyclopedia of the social sciences, vol. 15. New York: Macmillan, 137–42.
  • Phillips-Fein, K., 2010. Invisible hands: the businessmen's crusade against the new deal. New York: Norton.
  • Pigou, A.C., 1943. The classical stationary state. Economic journal, 53, 343–51.
  • Robbins, L., 1930. On a certain ambiguity in the conception of stationary equilibrium. Economic journal, 40 (158), 194–214.
  • Rosenof, T., 1997. Economics in the long run: new deal theorists and their legacies, 1933–1993. Chapel Hill: University of North Carolina Press.
  • Rostow, W.W., 1956. The take-off into self-sustained growth. Economic journal, 66, 25–48.
  • Rostow, W.W., 1960. The stages of economic growth: a non-communist manifesto. Cambridge: Cambridge University Press.
  • Rostow, W.W., 1998. The great population spike and after: reflections on the 21st century. New York: Oxford University Press.
  • Rostow, W.W., 2000. Modern Japan's first challenge: the political economy of a stagnant population. Proceedings of the American Philosophical Society, 144, 384–96.
  • Samuelson, P.A., 1943. Full employment after the war. In S.E. Harris, ed. Postwar economic problems. New York: McGraw-Hill, 27–53.
  • Samuelson, P.A., 1948. Economics: an introductory analysis, 1st ed. New York: McGraw Hill.
  • Samuelson, P.A., 1958. Economics: an introductory analysis, 4th ed. New York: McGraw Hill.
  • Samuelson, P.A., 1961. Economics: an introductory analysis, 5th ed. New York: McGraw Hill.
  • Samuelson, P.A., 1964. Economics: an introductory analysis, 6th ed. New York: McGraw Hill.
  • Samuelson, P.A., 1976. Alvin Hansen as a creative economic theorist. Quarterly journal of economics, 90, 24–31.
  • Samuelson, P.A., 1988. The Keynes-Hansen-Samuelson multiplier-accelerator model of secular stagnation. Japan and the world economy, 1, 3–19.
  • Samuelson, P.A., 2002. Reply: complementary innovations by Roy Harrod and Alvin Hansen. History of political economy, 34, 219–23.
  • Samuelson, P.A. and Hagen, E.E., 1943. After the war: 1918–1920. Washington, DC: National Resources Planning Board.
  • Samuelson, P.A., and Nordhaus, W., 1985. Economics, 12th ed. New York: McGraw Hill.
  • Schumpeter, J.A., 1942. Capitalism, socialism and democracy. New York: Harper & Brothers.
  • Schumpeter, J.A., 1943. Capitalism in the postwar world. In: S.E. Harris, ed. Postwar economic problems. New York: McGraw-Hill, 113–26.
  • Schumpeter, J.A., 1954. History of economic analysis. New York: Oxford University Press.
  • Silk, L., 1976. The secular slowdown thesis. The New York Times, October 21.
  • Simons, H.C., 1942. Hansen on fiscal policy. Journal of political economy, 50, 161–96.
  • Smith, A., 1976. An inquiry into the nature and causes of the wealth of nations. In: R.H. Campbell, A. Skinner and W.B. Todd, eds. Oxford: Oxford University Press.
  • Stein, H., 1969. The fiscal revolution in America. Chicago, IL: University of Chicago Press.
  • Steindl, J., 1952. Maturity and stagnation in American capitalism. Oxford: Basil Blackwell.
  • Steindl, J., 1979. Stagnation theory and stagnation policy. Cambridge journal of economics, 3, 1–14.
  • Steindl, J., 1987. Stagnation. In: J. Eatwell, M. Milgate and P. Newman, eds. The new Palgrave dictionary of economics, Vol. 4. London: Macmillan, 472–4.
  • Summers, L., 2013. Speech at the IMF fourteenth annual conference in honor of Stanley Fischer. Available from: https://www.youtube.com/watch?v=KYpVzBbQIX0
  • Summers, L., 2014a. Reflections on the “new secular stagnation hypothesis”. In: C. Teulings and R. Baldwin, eds. Secular stagnation: facts, causes and cures. London: CEPR, 27–38.
  • Summers, L., 2014b. US economic prospects: secular stagnation, hysteresis, and the zero lower bound. Business economics, 49, 65–73.
  • Summers, L., 2015. Demand side secular stagnation. American economic review, 105, 60–5.
  • Summers, L., 2016. The age of secular stagnation: what it is and what to do about it. Foreign affairs, 95 (Mar–Apr), 2–9.
  • Svennilson, I., 1954. Growth and stagnation in the European economy. Geneva: UN Commission for Europe.
  • Sweezy, A., 1943. Secular stagnation? In: S.E. Harris, ed. Postwar economic problems. New York: McGraw-Hill, 67–82.
  • Sweezy, A., 1972. The Keynesians and government policy, 1933–1939. The American economic review, 62, 116–24.
  • Sweezy, P., 1942. The theory of capitalist development. New York: Oxford University Press.
  • Sweezy, P., 1982. Why stagnation? Monthly review, 34 ( June), 4–10.
  • Terborgh, G., 1945. The bogey of economic maturity. Chicago, IL: Chemical and Allied Products Institute.
  • Teulings, C. and Baldwin, R., eds., 2014. Secular stagnation: facts, causes and cures. London: CEPR. Available from: http://www.voxeu.org/sites/default/files/Vox_secular_stagnation.pdf.
  • Turner, F.J., 1921. The frontier in American history. New York: Henry Holt.
  • von Weizsäcker, C.C., 2014. Public debt and price stability. German economic review, 15, 42–61.