The Case for Open-Market Purchases in a Liquidity Trap
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Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful
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美国国家经济研究局创建时间：
2003-07-01
