. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …

. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …

. The latter is more likely if bubbles develop along the expansionary path. These (rational) bubbles can emerge even when …

first two parts concentrate on asset bubble theory and the development of the housing bubble, the third part rates the …

Fiscal policy and public debt may be required to maintain full employment and avoid secular stagnation. This conclusion …

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 …