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The Liquidity Trap and the Pigou Effect: A Dynamic Analysis with Rational Expectations

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NBER1982-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w0894
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A Keynesian idea of considerable historical importance is that, in the presence of a liquidity trap, a competitive economy may lack--despite price flexibility--automatic market mechanisms that tend to eliminate excess supplies of labor. The standard classical counterargument, which relies upon the
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1982-05-01
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