Too Low for Too Long: The Harmful Effects of Extended Ultracheap Monetary Policy by Etibar Jafarov and Enrico Minnella examines the potential negative effects of prolonged periods of ultracheap monetary policy in advanced economies. The authors argue that such policies can lead to the "zombification" of weak companies, which can have harmful effects on resource allocation and economic growth. The authors also explore the potential trade-offs between inflation and unemployment in the context of ultracheap monetary policy. Overall, the research highlights the importance of considering the potential costs and benefits of such policies when designing monetary policy frameworks.
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