Resolving New Keynesian Anomalies with Wealth in the Utility Function
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At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels, and that government spending and forward guidance have implausibly large effects. To resolve these anomalies, we introduce wealth into the utility function; the justification is
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美国国家经济研究局创建时间：
2018-09-01
