Liquidity Traps: A Unified Theory of the Great Depression and Great Recession
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This paper presents a unified framework to explain three major economic downturns: the U.S. Great Depression, the U.S. Great Recession, and Japans Long Recession. Temporary economic disruptions, such as banking crises and excessive debt accumulation, can drive natural interest rates into negative
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美国国家经济研究局创建时间：
2024-11-01
