Research warns of global liquidity trap

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The world economy is probably in a liquidity trap, rendering monetary easing including a recent third round of quantitative easing (QE3) in the US ineffectual, according to research published today (September 25).

The research note by Smithers and Co, an investment consultancy run by economist Andrew Smithers, warned monetary policy is likely to have a limited impact on demand. "The world economy is probably in a liquidity trap. It follows that monetary policy, including further measures of quan

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