negative shock. The current low interest rate environment limits the tools the central bank can use to stabilize the economy …

monetary tightening, further debt accumulation, and additional inflationary pressure. Thus, the economy will go through a …

While high uncertainty is an inherent implication of the economy entering the zero lower bound, deflation is not …, but this results in a sharp increase in macroeconomic instability once the economy is out of the recession. Contradictory …

in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero …

economy is depressed because some agents are deleveraging, fiscal policy is more powerful and the multiplier can be quite big …