Rethinking stabilization policy: Evolution or revolution? by Olivier J. Blanchard and Lawrence H. Summers publishde by NBER (12/2017). “At a minimum, they suggest that policies may need to become more aggressive, both ex-ante and ex-post, with a rebalancing of the roles of monetary, fiscal and finacial policies. In particular, while low neutral rates decrease the scope for using monetary policy, they increase the scope for using fiscal policy…”
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