Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, … - 2020
money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we … projecting stable growth in broad money after the financial crisis. We also run a counterfactual which suggests that, if the … Federal Reserve had not provided bank reserves on such a large scale, broad money would have fallen, the economy might have …