Liquidity Trap and Excessive Leverage
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We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand. However
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美国国家经济研究局创建时间：
2014-03-01
