摘要：Japan has been in a benign liquidity trap since1990. In a benign liquidity trap, interest rates approach zero,prices decline, and monetary policy is ineffective butoutput and employment perform decently. Such a patterncontradicts traditional macro theories. This paper introducesa monetary general equilibrium model that is compatiblewith Japan’s performance and resolves puzzles associatedwith liquidity traps. Possible conclusions for Anglo-Saxon countries and eurozone members are also discussed
