Hypotéza sekulární stagnace: Příčiny pomalé rekonvalescence z finanční krize roku 2007 ve Spojených státech a v eurozóně v letech 2007 - 2016

The era of miraculous growth has probably reached its end in the banking crisis of 2007. Economies of the United States and Eurozone, except for Greece and Italy, have successfully recovered in last ten years. Which is not tragically long, in fact the last recovery was from a historical perspective only slightly above average length. Secular stagnation per se is not the problem here, again except Greece and Italy. The causes of slow recovery are both specific to individual countries (quality, availability and structure of labour force, overall productivity, amount of public and private debt) and to global factors such as the low natural rate of interest, which limits the effectiveness of monetary policy. High real output and productivity growth which has started in the 1950’s is a historical rarity, not a new paradigm. If economies are ever to grow substantially again, they will have to tackle the systemic issues within them.