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The New-Keynesian Liquidity Trap

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NBER2013-09-01 更新2025-01-04 收录
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https://www.nber.org/papers/w19476
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In standard solutions, the new-Keynesian model produces a deep recession with deflation in a liquidity trap. The model also makes unusual policy predictions: Useless government spending, technical regress, and capital destruction have large multipliers. These predictions become larger as prices
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2013-09-01
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