John Maynard Keynes’s analysis of the Great Depression has strong parallels to recent theorizing about the post-2008 Great Recession. There are also remarkable similarities between the two historical episodes: the collapse of demand for new fixed investment, the role of the zero lower bound liquidity trap in hampering conventional monetary policy, the multi-year period of near-zero short-term rates, and the protracted period of subnormal prosperity. A major difference between then and now is that monetary authorities in the recent situation actively pursued an unconventional policy with massive purchases of long-term securities. Keynes couldn’t convince authorities of his era to pursue such a plan, but it was precisely the monetary policy he advocated for a depressed economy stuck at the zero lower bound of nominal interest rates.

中文翻译：

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零下限解读凯恩斯：大萧条、流动性陷阱和非常规政策

约翰梅纳德凯恩斯对大萧条的分析与最近关于 2008 年后大萧条的理论有很强的相似之处。两个历史事件之间也有显着的相似之处：新固定投资需求的崩溃、零下限流动性陷阱在阻碍传统货币政策方面的作用、近零短期利率的多年期，以及长期处于非正常繁荣​​时期。当时和现在的一个主要区别是，近期货币当局积极推行非常规政策，大量购买长期证券。凯恩斯无法说服他那个时代的当局推行这样的计划，但正是他所倡导的货币政策使经济萧条陷入名义利率的零下限。