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Central banks should prepare - both legally and operationally - to carry out direct transfers to households when conventional monetary policy fails. Recent research shows that stimulus payments would increase consumption even when interest rates are close to zero.
Johannes Boehm and Xavier Jaravel
16 December 2024
Project Syndicate
https://www.project-syndicate.org/commentary/central-banks-must-make-stimulus-payments-when-conventional-policy-fails-by-johannes-boehm-1-and-xavier-jaravel-2024-12
This work is published under POID and the CEP's Growth programme.