of a recession vary depending on which economic school the policymakers follow. Monetarists, exemplified by economist Milton Friedman, would favor the use of limited expansionary monetary policy, while Keynesian economists may advocate increased government spending to spark economic growth. Supply-side economists promote tax cuts to stimulate business capital investment. For example, the Trump administration claimed that lower effective tax rates on new investment imposed by the Tax Cuts and Jobs Act of 2017 would raise investment, thereby making workers more productive and raising output and wages. Investment patterns in the United States through 2019, however, indicated that the supply-side incentives of the TCJA had little effect on investment growth. Although investments increased after 2017, much of the increase was a response to oil prices, and investment in other sectors had negligible growth. Monetarist economists have argued that objectives of monetary policy, i.e., controlling the money supply to influence interest rates, are best achieved by targeting the growth rate of the money supply. They maintain that money may affect output in the short term but that in the long run, expansionary monetary policy leads to inflation only. Keynesian economists have mostly adopted this analysis, modifying the theory with better integration of short and long run trends and an understanding that a change in the money supply "affects only nominal variables in the economy, such as prices and wages, and has no effect on real variables, like employment and output". The Federal Reserve traditionally uses monetary accommodation, a policy instrument of lowering its main benchmark interest rate, to accommodate sudden supply-side shifts in the economy. When the federal funds rate reaches the boundary of an interest rate of 0%, called the zero lower bound, the government resorts to unconventional monetary policy to stimulate recovery. Gauti B. Eggertsson of the Federal Reserve Bank of New York, using a New Keynesian macroeconomic model for policy analysis, writes that cutting taxes on labor or capital is contractionary under certain circumstances, such as those that prevailed following the economic crisis of 2008, and that temporarily increasing government spending at such times has much larger effects than under normal conditions. He says other forms of tax cuts, such as a reduction in sales taxes and investment tax credits, e.g., in the context of Japan's "Great Recession", are also very effective. Eggertsson infers from his analysis that the contractionary effects of labor and capital tax cuts, and the