Secular Stagnation: Facts, Causes and Cures (2014)
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What this document is
This page summarises "Secular Stagnation: Facts, Causes and Cures", a 2014 eBook published on VoxEU.org by the Centre for Economic Policy Research (CEPR) and edited by Coen Teulings and Richard Baldwin. It gathers short, accessible essays from a number of prominent economists on a single macroeconomic question.
The collection appeared as the debate about long-run stagnation in advanced economies intensified, and it aimed to bring the discussion to a wider audience of economists and policymakers.
What it covers
As its subtitle suggests, the eBook is organised around three questions:
- Facts: whether the evidence supports the idea of persistent stagnation;
- Causes: what forces — from demographics to weak demand and very low interest rates — might drive it;
- Cures: what monetary, fiscal or structural policies might address it.
The contributions represent a spectrum of views, reflecting genuine disagreement among economists rather than a settled consensus.
Why it matters
The secular-stagnation debate has had a lasting influence on how economists and central banks think about growth, interest rates and the limits of policy in the years following the global financial crisis. This eBook became a widely cited entry point to that debate.
Because it is frequently referenced in economics writing and teaching, external sites link to it. We host this neutral summary to preserve those references and point readers to the original CEPR publication.
Frequently asked questions
What is secular stagnation?
Secular stagnation is the idea that advanced economies may face a prolonged period of weak demand, sluggish growth and persistently low — even negative — real interest rates. The modern debate was reignited by the economist Larry Summers around 2013.
Who published the eBook?
It was published as a VoxEU.org eBook by the Centre for Economic Policy Research (CEPR) in 2014, edited by Coen Teulings and Richard Baldwin, and bringing together essays from a number of leading economists.
What does the book argue?
The contributions examine whether secular stagnation is real, what might be causing it, and what policy responses could help. The essays present a range of views rather than a single conclusion.
Where can I read the original?
The eBook was published by CEPR / VoxEU. This page is a reference summary only.