Monetary policy in deflation: the liquidity trap in history and practice
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2004 - Business & Economics - 35 pages
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additional monetary expansion Ana Aizcorbe analysis Antulio April assets Bank of Japan Banking Industry basis points Beneﬁts Berger Bomﬁm Brian Sack central bank close to zero December deﬂationary Depression Economics Discussion Series effect Evidence excess reserves expansionary February Federal Reserve Board Federal Reserve policy Federal Reserve System Figure Finance and Economics ﬁnd ﬁrst ﬁscal policy FOMC meeting gold inﬂows Goldenweiser Hayami increase in reserve inﬂation expectations inﬂuence January Japanese economy Jeremy Rudd Karl July Keynes liquidity trap maturities Meltzer mentality and ideas monetary easing monetary policy action Monetary Policy Rules Nominal Interest Rates November open market operations Orphanides and Wieland overnight rate policymakers potential quantitative easing rate of interest recession recovery reﬂect regarding reserve requirements robust operating procedure role of monetary Rudd Karl Whelan September 2002 short-term interest rates short-term rate signiﬁcant slump speciﬁc sufﬁcient Takeshi Kimura Thomas Laubach tightening action Treasury bills U.S. economy Volker Wieland Williams Zero Bound