Uilersma, C.A.

interest interest rates policy interest rate inflation liquidity trap economy liquidity money price model exchange equation confidence demand expectation level binding effect paper market shock japan channel exchange rate transmission paper nr output journal theory output gap krugman stability agent liquidity preference price level situation consensus model asset price stability growth keyne increase authority preference svensson transmission channels future depression pigou effect currency balance economic deflation environment meltzer literature buiter period inflation rate japanese gesell money pigou framework fisher mechanism target credit keynesian qt +1 example problem strategy supply context policy strategy state perspective monetarist interest rate floor