Introduction As a result of a decreasing trend in the natural rate of interest, controlling the short-term interest rate as a policy instrument is more likely to be constrained by the zero lower bound (ZLB) in many advanced countries.
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Introduction As a result of a decreasing trend in the natural rate of interest, controlling the short-term interest rate as a policy instrument is more likely to be constrained by the zero lower bound (ZLB) in many advanced countries.