Singh, Gurbachan - In: South Asian Journal of Macroeconomics and Public Finance 3 (2014) 1, pp. 1-38
There is a widespread view that inflation or inflationary expectations are the only way to overcome the zero lower bound on interest rate. This article shows that this is not true. It is shown that a tax-subsidy scheme can be used to overcome the zero lower bound on interest rate—without...
