Brief thoughts about being at the zero lower bound when recession begins

I was looking at Tim Duy's latest post on monetary policy and asking myself the same question he asks about normalizing the interest rate cycle. Here's what Tim wrote about getting off the zero bound:

"it is perfectly reasonable to believe that the next recession will hit before we lift off the zero bound.  Moreover, it would be relatively uncommon for the peak-to-peak cycle to last more than 90 months.  Only 4 of the last 11 cycles have exceeded this length of time.
So I am getting a little nervous that we will not lift off from the zero bound before the next recession hits. Or maybe the attempt to lift the economy off the zero bound is the trigger of that recession.  In either case, I am thinking it would be very bad to be still at the zero bound when that recession hits. "

I agre...


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