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Wednesday, November 13, 2013

Link: Monetary Policy Is Less Effective In Recessions

As an update to my "interest rate effectiveness" theme, here is a VoxEU article by Silvana Tenreyro, Gregory Thwaites that argues that U.S. monetary policy is less effective in recessions. Since this estimation was not solely based on the latest recession, it is not solely an effect of the zero lower bound.

This looks interesting, but I have not had time to track down the references to look at the results in more detail.

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