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Corresponding Author:
Nicola Acocella, University La Sapienza, Department of Public Economics, Rome, Italy


(pp. 121-140)
JEL classification: E3, E52, F02, L13, O40
Keywords: Financial Cycle, Secular Stagnation, Inequality, Great Recession, Oligopolistic Power, Globalisation


The recent period of low income growth can be explained as the outcome either of a reduction in the indebtedness accumulated over the years of the crisis (i.e. of a financial cycle) or of secular stagnation, deriving from long run tendencies, the Great Recession, growing inequalities, institutional factors and globalization. This kind of situation requires a number of policies, including expansionary monetary policies, raising retirement age and limiting the oligopolistic power of big firms.



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Institute for International Economics
of the Genoa Chamber of Commerce

Istituto di Economia Internazionale
Camera di Commercio di Genova
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