banquedefranceBanque de France125104901757806592304/17/2020 - 09:25Monetary policy is still effective even when the short-term interest rate reaches zero. Central bank balance sheet adjustment worked in the United States, Europe, and Japan. Henceforth it is not clear that the #liquidity trap exists. #BdFeco WP 👉 https://t.co/WsLOF0zqGh