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ZIRP, or zero interest rate policy[1], is a method used by central banks to stimulate growth by keeping interest rates close to zero[1]. It has been employed by countries like Japan, the United States, and the United Kingdom to combat economic challenges, such as deflation and slow growth, following a financial crisis. However, ZIRP has been criticized for its potential negative effects, such as the development of liquidity traps[1] and adverse impacts on long-term investments and financial stability. Despite these criticisms, ZIRP is still used as a post-recession remedy due to its ability to stimulate economic activity[1].
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