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The lessons from the crisis would argue for an approach that commits to maintain policy at the lower bound until full employment and target inflation are achieved, this forward guidance could be reinforced by interest rate caps on short-term Treasury securities over the same horizon.

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    Quiz

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    Name the film "I've seen seambeams glittering in the darkness near Tannhauser Gate"
    A All Quiet on the Western Front
    B Bladerunner
    C The Abyss
    D The Big Blue