2015 - Finance, Inequality and Long-Run Growth

Are the rise in inequality, the rise of debt, the fall in real interest rate and recent slowdown in growth connected? What are the challenges for long-term economic growth? On February 19, 2015, leading academics working on these issues came together and discussed their findings with the Princeton University community, financial industry leaders and policy practitioners. Lawrence H. Summers, the Charles W. Eliot University Professor and President Emeritus at Harvard University, gave the keynote address "Reflections on Secular Stagnation." Dr. Summers served as the 71st Secretary of the Treasury for President Clinton and the Director of the National Economic Council for President Obama, and as Chief Economist of The World Bank. Videos, papers presented, and corresponding slides from are posted below. Selected photos from the conference are here.

Read the conference summary.


Videos, Papers & Slides

Session I: Wealth and Inequality

Chair: Oleg Itskhoki, Princeton University

“Wealth Inequality in the U.S. Since 1913”
Gabriel Zucman, London School of Economics
(Paper | Slides)

“The Dynamics of Inequality”
Benjamin Moll, Princeton University
(Paper | Slides)

Discussant: Fatih Guvenen, University of Minnesota

Video: Wealth Inequality in the U.S. Since 1913


Video: The Dynamics of Inequality

Session II: Credit, Housing, and Employment

Chair: Wei Xiong, Princeton University

“Betting the House”
Òscar Jordà, Federal Reserve Bank of San Francisco
Discussant: Michael Bordo, Rutgers University
(Paper | Slides)

“Import Competition and the Great U.S. Employment Sag of the 2000s"
David Dorn, University of Zurich
Discussant: Johannes Stroebel, New York University
(Paper | Slides)

Video: Betting the House


Video: Import Competition and the Great U.S. Employment Sag of the 2000s



Session III: Secular Stagnation and the Safety Trap

Chair: Markus Brunnermeier, Princeton University

“A Model of Secular Stagnation”
Gauti Eggertsson, Brown University
Discussant: Emi Nakamura, Columbia Business School
(Paper | Slides)

"The Safety Trap"
Emmanuel Farhi, Harvard University
Discussant: Jesus Fernandez-Villaverde, University of Pennsylvania
(Paper | Slides)

Video: A Model of Secular Stagnation


Video: The Safety Trap



Keynote Address: Reflections on Secular Stagnation
"Reflections on Secular Stagnation"
Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University
(Speech | Slides)

Video: Reflections on Secular Stagnation



2015 Conference

Keynote Speaker

Lawrence H. Summers

Lawrence H. Summers, Harvard University