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IntroductionProduct Features
This product is an SVGA single chip 0.55” DLPTM projector. Outstanding features include:
? True SVGA, 800 x 600 addressable pixels
? Single chip DLPTM technology
? NTSC3.58/NTSC4.43/PAL/SECAM and HDTV compatible (480i/p, 576i/p, 720p, 1080i)
It is anticipated that the world's economies will be faced with severe macroeconomic challenges over the next decade. The global financial crisis and the resulting global recession led to the closure of many firms, rising unemployment and high levels of public debt in most developed countries. Despite the end of the recession, fears for the future growth of demand remain. The need to reduce public sector deficits, built up partly as an initial response to the crisis, through increases in taxation and reductions in government expenditure have led some to predict that growth will remain low, and unemployment high, for many years to come.
We examine whether a loss in confidence can bring about a liquidity trap recession in model with nominal rigidities that features a housing sector and credit frictions. Our analysis is motivated by the recent recession in the US during which there was an unusually large decline in economic activity, brief deflation, short-term interest rates close or at the zero lower bound, and significant financial turmoil. These characteristics have been much discussed in the popular press and amongst academics but as of yet, there is little or no consensus on the sources of the crisis and on the appropriate policy responses.
