Koo, Richard C. - In: European Journal of Economics and Economic Policies: … 10 (2013) 2, pp. 136-157
Once every several decades, the private sector loses its mind in a bubble, leverages itself up to the hilt, and is forced into debt minimization in order to remove its debt overhang following the crash. When the private sector as a whole is deleveraging, even at record low interest rates,...
