Secular Stagnation in the Open Economy
研究了开放经济中低利率、低通胀和增长缓慢的长期停滞现象，分析了资本流动如何传导衰退以及各国政策的外部性，发现货币扩张无效而财政干预可消除停滞并产生正外部性。
Conditions of secular stagnation--low interest rates, below target inflation, and sluggish output growth--now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities across countries. We find capital flows transmit recessions in a world with low interest rates and that policies that attempt to boost national saving are beggar-thy-neighbor. Monetary expansion cannot eliminate a secular stagnation and may have beggar-thy-neighbor effects, while sufficiently large fiscal interventions can eliminate a secular stagnation and carry positive externalities.