Hard Times, Easy Money? Countercyclical Stabilization in an Uncertain Economy

Robert Carpenter (bobc@umbc.edu)

Economics Policy Note Archive from Levy Economics Institute

Abstract: The tools of countercyclical monetary policy have been brought fully to bear on a potentially severe recession. This note argues, however, that such a policy is less effective in times such as these--that is, when uncertainty is especially high--and so is likely to be particularly ineffective in combating the current economic slowdown.

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