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Research Article
Russian Journal of Economics 5(2): 117-135
https://doi.org/10.32609/j.ruje.5.38703 (31 Jul 2019)
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  • Article title
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  • 1. Introduction
  • 2. Monetary policy in a liquidity trap
    • 2.1. Negative interest rate policy
    • 2.2. Large-scale asset purchases by central banks
    • 2.3. Using forward guidance on policy changes
  • 3. The problem of time-inconsistency of optimal policy
    • 3.1. Changing the central bank’s targets
    • 3.2. Shaping expectations through accumulating non-indexed debt
    • 3.3. Shaping expectations through devaluing the domestic currency
    • 3.4. Shaping expectations under recurring crises
  • 4. Conclusion
  • Acknowledgements
  • References
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