In the late 1990s, motivated by the Japanese experience with deflation and sluggish economic performance, economists began developing the argument that a central bank might substantially reduce the economic costs of ELB spells by adopting a makeup strategy.
9 The simplest version goes like this: If a spell with interest rates near  8  For evidence on the secular decline in interest rates in the United States and abroad, see King and Low (2014); Holston, Laubach, and Williams (2017); Rachel and Smith (2017); and Brand, Bielecki, and Penalver (2018). 9 See Reifschneider and Williams (2000) and references therein.