Rapid growth or stagnation: An economic policy choice |
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Authors: | John B Taylor |
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Institution: | Department of Economics, Stanford University, Stanford, CA 94305, USA |
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Abstract: | Why has the American economy performed so poorly in the past decade, especially in comparison with the two prior decades? This paper makes the theoretical and empirical case that a series of economic policy decisions provides the most satisfactory explanation and that policy reform will restore good economic performance. The paper also considers alternative explanations including the idea of a new secular stagnation unrelated to policy and the view that the deep financial crisis inevitably delayed recovery from the recession. |
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Keywords: | Rapid growth Stagnation Policy choice |
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