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Sudden Stop: When Did Firms Anticipate the Potential Consequences of COVID-19?
COVID-19 hit firms by surprise. In a high frequency, representative panel of German firms, the business outlook declined and business uncertainty increased only at the time when... -
In search of an appropriate lower bound. The zero lower bound vs. the positiv...
Using a standard New Keynesian model, we show that moderate side effects of zero lower bound (ZLB) policy suffice for positive lower bound (PLB) policy to pay off in terms of...
