can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

We provide evidence that liquidity premia on assets that are more relevant for private agents' intertemporal choices … specification of liquidity premia based on assets' differential pledgeability to a basic New Keynesian model to replicate this … guidance period and are substantially smaller than if liquidity premia were neglected. This indicates that there are no …

’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …