Bordo, Michael D.; Duca, John V. - National Bureau of Economic Research - 2023
rebounds. In each recession monetary policy lowered short-term interest rates to zero and engaged in quantitative easing of … about $4 Trillion. Nevertheless, broad money growth was more robust in the COVID Recession, likely reflecting that the … framework implies that nominal GDP growth and inflationary pressures rebounded much more quickly from the COVID Recession versus …