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From newyorkfed.org
My wife is a professor of nursing and she says that one of the best things you can do for your kids is to get them vaccinated. It is better to deal with the pain of a short-term hit than to take the risk of contracting a disease later. I think of monetary policy close to the lower zero limit – or ZLB for short – in the same way. It is better to take preventive measures than to wait for the disaster. Today, I will talk about three things: first, the increased relevance of the ZLB for monetary policy; second, strategies designed to mitigate the effects of ZLB during a downturn; and … (full story)
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