Managing a Liquidity Trap: Monetary and Fiscal Policy

Ivan Werning

NBER Working Paper No. 17344
Issued in August 2011

---- Acknowledgments ----

For useful discussions I thank Manuel Amador, George-Marios Angeletos, Emmanuel Farhi, Jordi Galí and Ricardo Reis, as well as seminar participants at the Society of Economic Dynamics meetings in Ghent and the NBER's summer institute. All remaining errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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