Risk Premium Shocks and the Zero Bound on Nominal Interest Rates
在标准DSGE模型中研究多种冲击，发现风险溢价冲击是使零利率下限对货币政策设计具有关键作用的因素，而生产率、政府支出和货币需求等常见冲击无法将名义利率推至接近零。
Quantitative dynamic stochastic general equilibrium (DSGE) models often admit that the zero bound on nominal interest rates does not constrain (optimal) monetary policy. Recent economic events, however, have reinforced the relevance of the zero bound. This paper sheds some light on this disconnect by studying a broad range of shocks within a standard DSGE model. In contrast to earlier studies, we find that risk premium shocks are key to building quantitative models where the zero bound is relevant for monetary policy design. Other commonly included shocks, such as productivity, government spending, and money demand shocks, are unable to push nominal rates close to zero.