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Tangible Quantitative Easing
This paper considers macroeconomic policy in a New Keynesian economy when households wish to move consumption into the future using a storage technology. Even if monetary policy successfully equates the real rate of interest with the natural rate, the economy is vulnerable to recessions with both low consumption and low savings. Tangible Quantitative Easing, debt-financed public purchases of tangible assets, eliminates these recessions by putting a floor under future consumption. This requires no commitment to a time-inconsistent plan.
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