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The gloomy view that the global economy faces a prolonged period of slow growth and high unemployment holds increasing sway among mainstream economists. A new e-book from the Centre for Economic Policy Research (CEPR), Secular Stagnation: Facts, Causes, Cures, edited by Coen Teulings and Richard Baldwin, includes interesting contributions from such luminaries as Paul Krugman, former U.S. Treasury secretary Larry Summers and International Monetary Fund chief economist Olivier Blanchard.

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