Paul Krugman, Janet Yellen, and other observers who still think that zero bound on the policy interest rate is a binding constraint for monetary policy should take a look at Josh Hendrickson's latest post. There, he provides a thoughtful discussion of why the zero bound constraint is nothing more than an artifact of simplifying assumptions made in the baseline New Keynesian model.
http://bit.ly/d7nnzRالأربعاء، 17 مارس 2010
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