【Flexible & Expandable P-Trap】: The drain pipes of this P-type trap are made from flexible material with corrugated stretching, allowing for adjustment between 9 to 20 inches. This flexibility ...
Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications
The paper discusses simple microfoundations for Liquidity Deflation (Calvo 2016, Chapter 2), which gives rise to liquidity trap under perfectly flexible prices/wages. Unlike Keynes (1936), this is a ...
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