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Was the New Deal expansionary?

Author:
Ji, Yangyang, Xiao, Wei
Source:
Economics letters 2019 v.184
ISSN:
0165-1765
Subject:
economic development, economic performance, economic policy, wage rates
Abstract:
When wages are sticky and the interest rate hits the zero lower bound (ZLB), the expansionary effect of New Deal policies is drastically reduced. If the duration of the policies mismatches that of the ZLB, the effect can be contractionary.
Agid:
6615533