Medium-Term Money Neutrality and the Effective Lower Bound
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Conventional wisdom suggests that medium-term money neutrality imposes strong limitations on the effects of monetary policy. The point of this paper is that models with medium- and long-term money neutrality are prone to generate non-existence of equilibria at the effective lower bound (ELB) on
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美国国家经济研究局创建时间：
2020-08-01
