Economists still scrambling to adapt models to lower bound
Speakers at the RES annual conference offer various new ideas
The 2008 crisis dealt a blow to traditional modes of thinking about macroeconomics, in particular links between the financial and real economy. The field is still adapting to the new reality, and economists outlined some new ideas at a conference today (March 23).
A theme running through many of the sessions on monetary policy at the Royal Economic Society annual conference was the need to adjust models to cope with the effective lower bound (ELB).
Mitsuru Katagiri of the Bank of Japan (BoJ)
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