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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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