Every voice suddenly becomes a digital loudspeaker. People react to the revocation of banking licences with all kinds of biases and irrational impulses. They overreact to illusory threats and underreact to real threats. Some of them seem to instantly develop the deep torments of a retarded poet in a broken marriage. Revocation of the banking licences of the two banks had attracted unjustified criticisms.
9 See also Eggertsson and Woodford (2003) and Hebden and López-Salido (2018). -5risen to 2 percent before we expect to lift off from the ELB. This condition refers to inflation on an annual basis. TPLT with such a one-year memory has been studied using stochastic simulations of the Fed’s FRB/US model by Bernanke, Kiley, and Roberts (2019).