Kenneth Rogoff argues, “[i]n an era where cash is becoming less important in the legal tax-compliant economy outside small-scale transactions, and where banking and retail transactions are increasingly electronic, it is perhaps time for macroeconomists to stop treating the zero bound as an immutable constant of nature. The zero lower bound was a major problem in the 1930s and again in the most recent global financial crisis. It does not need to be a major obstacle in the next one, and there are perfectly viable ideas for eventually solving it without going all the way to a cashless economy.”
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