Fiscal Policy and Liquidity Traps with Heterogeneous Agents
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DOI: 10.1016/j.econlet.2017.05.025
Abstract: This paper explores global dynamics in a monetary model with limited asset market participation and the zero lower bound on nominal interest rates. It is shown that a rise in government transfers to ‘non-Ricardian’ consumers… read more here.
Keywords: liquidity; fiscal policy; liquidity traps; traps heterogeneous ... See more keywords