Zombie Lending and Policy Traps
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We model how accommodative policy can become trapped due to credit misallocation and its spillovers, as witnessed in Japan in the 1990s and in Europe in the 2010s. Following large negative shocks, the effective lower bound prevents stimulating bank lending through rate cuts. Unconventional policies
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美国国家经济研究局创建时间：
2021-12-01
