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via Paul Krugman by By Paul Krugman on 16/12/08
That's zero interest rate policy. And it has arrived. America has turned Japanese. This is the thing I've been afraid of ever since I realized that Japan really was in the dreaded, possibly mythical liquidity trap. You can read my 1998 Brookings Paper on the issue here. Incidentally, there were a bunch of us at Princeton [...]Things you can do from here:
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