NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications

Guillermo A. Calvo

NBER Working Paper No. 26277
Issued in September 2019

---- Acknowledgments ----

I am thankful to Ricardo Caballero, Sara Calvo and Martín Uribe for useful comments on a previous version. Errors and omissions are exclusively mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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