The zero lower bound arises because nominal interest rates cannot fall below zero. But if nominal interest rates stay positive, while inflation is negative, then real interest rates may become too high for an economy in recession, causing recession to become more severe and prolonged.

It is a monetary instrument that the central bank must rely on when its policy interest rate has hit the zero lower bound and thus cannot be pushed lower. The debt level of the government is irrelevant to the decision to use it.

Yet there are reasons to fear that there will be such a decline slower growth means fewer competitive pressures for heightened efficiency diminished risk tolerance means a lower appetite for innovation and experimentation and nominal interest rates pinned at the zero lower bound means that society s savings cannot be used effectively.

Like most other central banks confronted with the recession, the SNB has reduced its policy interest rate all the way to the zero lower bound. Once there, traditional monetary policy becomes impotent, as the interest rate tool is no longer usable.

But if the share of the highest income groups keeps rising, the problem will remain chronic. And, at some point, when public debt has become too large to allow continued deficit spending, or when interest rates are close to their zero lower bound, the system runs out of solutions.

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Finally, it is not even clear that the zero lower bound is primarily responsible for high US unemployment. Traditional Keynesian frictions like the difficulty of reducing wages and benefits in some industries, as well as non traditional frictions like the difficulty of moving when one cannot sell (or buy) a house, may share blame.

In normal times, deficits crowd out private investment (and perhaps crowd in private saving and or foreign capital), and hence reduce future growth. By contrast, in a deep, long lasting recession, with the central bank s policy rate at the zero lower bound (ZLB), a well timed, sensible fiscal response can, in principle, be helpful.

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First, central banks take the conventional policy rate down to the dreaded zero bound. Facing continued economic weakness, but having run out of conventional tools, they then embrace the unconventional approach of quantitative easing (QE).

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