Leverage and the Financial Accelerator in a Liquidity Trap
نویسنده
چکیده
The recent recession in the US saw an unusually large and persistent decline in output, low inflation and deflation, significant house price declines, and short term interest rates near zero. Much discussion of this episode has centered around financial markets and the high leverage positions at the onset of the recession. In this paper, we analyze the role of leverage in determining the properties of liquidity trap recessions.
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تاریخ انتشار 2010