The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
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The paper examines the transmission mechanism of monetary policy in an open economy with and without a binding zero bound on nominal interest rates. In particular, a foolproof way of escaping from a liquidity trap is presented, consisting of a price-level target path, a devaluation of the currency
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美国国家经济研究局创建时间：
2000-10-01
