The Liquidity Effect and Long-Run Neutrality
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The propositions that monetary expansion lowers short-term nominal interest rates (the liquidity effect), and that monetary policy does not have long-run real effects (long-run neutrality), are widely accepted, yet to date the empirical evidence for both is mixed. We reconsider both propositions
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美国国家经济研究局创建时间：
1998-06-01
