through fiscal policy or by running a persistent trade surplus. -- Japan ; growth ; stagnation ; liquidity trap ; public debt … period of stagnation. The model has multiple steady-growth solutions when the labour supply is highly elastic, and government …, and a combination of high saving rates and slow population growth account for the stagnation of the 1990s. This …

competing hypotheses of long-run stagnation in Japan. We document that equilibrium selection under indeterminacy matters in …We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We … analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for …

Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit … that financially more deregulated economies are more likely to experience persistent stagnation. In the short run, credit … the macroeconomic developments in Japan during its lost decades and other advanced economies before and during the Great …

, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in … the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full … restoring growth can successfully lead the economy out of a stagnation trap, thus rationalizing the notion of job creating …