We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population … puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is …

boosts investment and growth. However, a general equilibrium approach shows that this conclusion may hold to a lesser extent …

This paper investigates the relation between corporate political connections and government investment. We study … unconnected firms. Overall, we show that connections between firms and regulators are associated with distortions in investment …