banquedefranceBanque de France145618459173631181511/04/2021 - 10:00📝 [Working paper] Our model shows that shifting from a deviations to a shortfalls strategy significantly helps the US #FederalReserve overcome the #deflationary bias caused by a low natural #rateofinterest and the effective lower bound. #BdfEco 👇 https://t.co/A6ASzatCa8