This paper formalizes and quantifies the secular stagnation hypothesis, defined as a persistently low or negative natural rate of interest leading to a chronically binding zero lower bound (ZLB). Output-inflation dynamics and policy prescriptions are fundamentally different from those in the...

This paper replicates the study "A Model of Secular Stagnation: Theory and Quantitative Evaluation" by Eggertsson et al. (2019) using the Dynare toolkit. Replication is important as it confirms the results of the original article, provides a user-friendly version using Dynare (Adjemian et al.,...

The procyclicality of inventory investment is a central feature of US business cycles. As such, it provides a test for the recent literature on news shocks, which argues that anticipated changes in fundamentals are important sources of aggregate fluctuations. We show that, in a range of...

We provide an answer to why growth may slow even in the face of technological improvements. Our focus is on the role of intangible assets. Intangible assets are distinct from physical capital in that they are comprised by information that requires a storage medium. A reduction in replication...