Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications
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The paper discusses simple microfoundations for Liquidity Deflation (Calvo 2016, Chapter 2), which gives rise to liquidity trap under perfectly flexible prices/wages. Unlike Keynes (1936), this is a Supply Side Liquidity Trap, SSLT, not resolved by a fall in prices /wages, or massive helicopter
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美国国家经济研究局创建时间：
2019-09-01
