According to Wicksell's Classical Dichotomy the money rate of interest depends on the natural rate of interest, but the latter does not depend on the former. If this Classical Dichotomy is false monetary policy may induce hysteresis because the natural rate of interest would depend upon the...

1. Sea change in the west -- 2. Global theories of secular stagnation -- 3. Transition theory -- 4. Empirical aspects of the transition theory -- 5. The long wave hypothesis -- 6. Transition in the nineteenth century : the British climateric 1860-1900 -- 7. A re-run of the 1970s -- 8. The...