Leverage and the Financial Accelerator in a Liquidity Trap
研究了在流动性陷阱中，金融加速器效应可能非常显著。通过包含房地产和抵押约束的粘性价格模型，发现预期可导致自我实现的流动性陷阱均衡，且高杠杆会加剧产出损失但排除短期陷阱。
We show that the financial accelerator may be very large in a liquidity trap. We study a sticky price model with real estate and a financial friction specified as a collateral constraint. Expectations can lead the economy to a self-fulfilling liquidity trap equilibrium where the lower bound on the nominal interest rate binds. We model these equilibria as stochastic sunspots. As in the Great Depression, a liquidity trap entails house price depreciation and potentially large output losses. Higher leverage implies much larger output losses but at the same time rules out the existence of short-lived liquidity traps.