Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
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We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large
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美国国家经济研究局创建时间：
2012-05-01
