Money and capital in a persistent liquidity trap
Journal of Monetary Economics(2020)
摘要
•Deleveraging shocks induce long-lasting liquidity traps with large money holdings.•Output stays low in the medium run even after demand-side short-run effects die out.•Policies have different implications in the short and medium run.•Quantitative easing leads to a deeper liquidity trap.•Higher expected inflation helps exiting the trap but worsen intertemporal allocation of resources.
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关键词
Zero lower bound,Liquidity trap,Asset scarcity,Deleveraging
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