Euro Area Economic Growth Between 2010 and 2019 in the Light of Secular Stagnation Theory

Tatay, Tibor and Kazinczy, Eszter (2023) Euro Area Economic Growth Between 2010 and 2019 in the Light of Secular Stagnation Theory. PÉNZÜGYI SZEMLE/PUBLIC FINANCE QUARTERLY, 69 (3). pp. 72-88. ISSN 0031-496X (nyomtatott); 2064-8278 (elektronikus)

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Abstract

Achieving economic growth remains an important issue for economic policy today. Growth in developed economies has slowed considerably in recent decades. In our study, we examine economic growth in the euro area between 2010 and 2019 in the light of secular stagnation theory. The concept of secular stagnation was developed by Hansen after the Great Depression of 1929-33. According to this theory, the cauSes of secular stagnation are low population growth and weak technological development. The concept was brought back into the economic discourse after 2010 by Summers.

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