Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates
探讨名义利率零下限的理论依据、低通胀对实际利率的影响、无货币变量模型分析货币政策的有效性，以及泰勒规则在零下限下的动态稳定特性，重点论证即使短期名义利率为零，仍可通过外汇市场实施有效的货币稳定政策，并用校准的开放经济模型检验其量化重要性。
This paper explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic stabilizing properties of Taylor rules in a ZLB context.The most important argument, however, is that if the short nominal rate is immobilized at zero, there nevertheless exists a route for monetary stabilization policy to be effective---via the foreign exchange market.Its quantitative importance is examined in a calibrated, optimizing, open-economy model.