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give rise to persistent liquidity trap episodes. There is no straightforward recipe for enhancing welfare in this economy …
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We examine the effect of balanced budget rules on budget outcomes in the U.S. from the mid-1980s through the present. Rules at both the federal level and the state level are considered. Given the relatively short duration of the federal rules and corresponding lack of data points, we adopt a...
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A number of prominent economists and policymakers have argued that money-financed fiscal programs (helicopter drops) could be efficacious in boosting output and inflation in economies facing persistent economic weakness, very low inflation, and significant fiscal strains. We employ a...
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multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia …
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