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Inventory of Central Banks’ Challenges in Times of Secular Stagnation

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With nominal interest rates at (or close to) 0 in major economies since 2009 (IMF, 2009), risks of secular stagnation raise a key question: what are the challenges central banks face to support recoveries and foster long-term growth?   The Zero Lower Bound Constraint: UMPs and Exit Strategy   What alternative monetary policy tools at […]