The Costs and Benefits of Repealing the Zero Lower Bound...and Then Lowering the Long-Run Inflation Target
The tag line at the bottom of Pieria’s cover page is from the post itself:
Repealing the zero lower bound has some costs, but those costs should be weighted against the benefits: not only ending recessions, but also ending inflation.
Those words refer to my first column on electronic money: “How Subordinating Paper Currency to Electronic Money Can End Recessions and End Inflation.”