One of the important tenets of market monetarism is that countries with their own currency can can control their nominal exchange rate. This means there is no such things as a “liquidity trap”; a country can simply depreciate its currency if it wishes to create inflation. Switzerland did this in 2011 and held the exchange rate at a depressed level for more than three years. But then the Swiss National Bank let the currency float higher, for reasons that still are not entirely clear.