operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do …pt. I. Introduction -- pt. II. Functional finance : the background -- pt. III. Assessing the inflation barrier -- pt …

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 …

. The world in 2022: slower growth, higher inflation, interest rate hikes .-- C. Effects on the region: large differences …