a large extent. But in Germany, wages have increased below this norm or even decreased, and in Japan this effect has … been even more extreme. Overall, while Japan and Germany have suffered from dysfunctional economic regimes leading to low …

markets may drive economies into recessions, it shows the following: (1) Liquidity traps may occur not only when interest … flexible exchange rates when the country is stuck in a liquidity trap; (3) Near the fringe of liquidity traps, the risk arises …

spending on several indicators of liquidity, volatility, credit and economic activity. Data from the 2003-2011 period in the … decrease in volatility and increase in liquidity on North American stock markets, the shocks were mainly domestic and … ineffective at generating liquidity in the banking sector. In contrast, government spending shocks had a positive impact on credit …