PER Distinguished Lecture: Gauti Eggertsson
November 13, 2015 - 5:00am - 8:00am
404 International Affairs Building
420 West 118th StreetNew York, NY 10027
Gauti Eggertsson, "A unified theory of the Great Recession and the Great Depression, and a gloomy forecast"
In this lecture I summarize research I have conducted over the past 15 years concerning the origin of the Great Depression and the Great Recession. First I illustrate a model of the forces that got us there. Then I show the effect of various economic policies, such as structural reforms, and monetary and fiscal policy. I will both show the effect of policy in theory, but also offer some evidence on what has happened in practice in the US Great Depression. Finally, the I discuss and explicitly model the recent resurgence of the “secular stagnation hypothesis” of Alvin Hansen (1938), the proposition that low interest rates and the current world economic slump could last for an arbitrarily long time.
If you would like to attend this event, please email Juliana Capaldi to register for planning purposes.