Teorie sekulární stagnace – příčiny a důsledky

This master's thesis deals with the theory of secular stagnation – a historical as well as current topic. By the secular stagnation we mean a long-term tendency in the evolution of some key economic quantities (primarily the decline in the optimum real interest rate), which makes fulfilling monetary policy goals difficult or has negative effects on prosperity. There might be a necessity to identify and understand the causes and consequences of the secular stagnation to ensure a functional monetary policy. The focus of this thesis is on the causes of the decline in the optimum real interest rates, above all the causes of the rise in the propensity to save, primarily demographic and other social factors – the age structure of population with regards to the saving cycle of an individual and uneven distribution of income. Conducted microeconomic analysis confirms the hypothesis of the population development and the income distribution having the effect on the propensity to save.