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Read Cochrane's New Keynesian Liquidity Trap

This is a big deal and just in. The emperor's new clothes revealed. Will Yellen read it?

"Technical regress, wasted government spending, and deliberate capital destruction do not work. Growth is good, not bad. That outcome is bad news for those who found magical policies an intoxicating possibility, but good news for a realistic and sober macroeconomics." - John Cochrane

The New-Keynesian Liquidity Trap

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