נאום הנגיד בכנס הבין לאומי של בנק ישראל - לקחי המשבר הפיננסי עבור בנקים מרכזיים (באנגלית)

תקציר:

During and after the Great Depression, many central bankers and economists concluded that monetary policy could not be used to stimulate economic activity in a situation in which the interest rate was essentially zero, as it was in the United States during the 1930s – a situation that later became known as the liquidity trap. In the United States it was also a situation in which the financial system was grievously damaged. It was only in 1963, with the publication of Friedman and Schwartz's Monetary History of the United States that the profession as a whole1 began to accept the contrary view, that "The contraction is in fact a testimonial to the importance of monetary forces".

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