Concerns of prolonged stagnation periods with near-zero interest rates and deflation have become widespread in many …-trap and secular stagnation in a unified setting. We analytically derive contrasting policy implications under each hypothesis … and identify robust policies that eliminate expectations-trap and reduce the severity of secular stagnation episodes. We …

This paper explores zero lower bound (ZLB) economics. The ZLB is widely invoked to explain stagnation and it fits with …

stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and …