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Monetary Policy after Bubbles Burst: The Zero Lower Bound, the Liquidity Trap and the Credit Deadlock

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  • David Laidler

Abstract

The current widespread use of models of monetary policy that link expenditure to interest rates, while by-passing interaction of the supply and demand for money in the transmission mechanism, fails to illuminate several important policy issues, and is beginning to create a professional "memory loss" in some of these areas. This claim is illustrated with reference to recent discussions of the conduct of monetary policy in the wake of financial crises, particularly when short interest rates are close to zero, as they have recently been in Japan.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 30 (2004)
Issue (Month): 3 (September)
Pages: 333-340

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Handle: RePEc:cpp:issued:v:30:y:2004:i:3:p:333-340

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  1. Paul R. Krugman, 1998. "It's Baaack: Japan's Slump and the Return of the Liquidity Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 137-206.
  2. Laidler, D., 1988. "Taking Money Seriously," UWO Department of Economics Working Papers 8804, University of Western Ontario, Department of Economics.
  3. Lars E.O. Svensson, 2003. "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 145-166, Fall.
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Cited by:
  1. David Laidler, 2012. "Money Still Talks - Is Anyone Listening?," e-briefs 133, C.D. Howe Institute.
  2. Michael Belongia, 2007. "Opaque rather than transparent: Why the public cannot monitor monetary policy," Public Choice, Springer, vol. 133(3), pages 259-267, December.

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