作者：Woodford, Michael
作者单位：Columbia University
摘要：The challenge for stabilization policy presented by the COVID-19 pandemic stems above all from disruption of the circular flow of payments, resulting in a failure of what Keynes (1936) calls effective demand. As a consequence, economic activity in many sectors can be inefficiently low, and interest-rate policy cannot eliminate the distortions-not because of a limit on the extent to which interest rates can be reduced, but because interest-rate reductions fail to stimulate demand of the right s...
