12/2エントリで紹介した議論について、Stephen Williamsonが自らの主張を数学を一切使わずに説明するエントリを上げた。以下はそこからの引用。 Next, conduct a thought experiment. What happens if there is an increase in the aggregate stock of liquid assets, say because the Treasury issues more debt? This will in general reduce liquidity premia on all assets, including money and short term debt. But we're in a liquidity trap, and the rates of return on money and