Infrequent but Long-Lived Zero Lower Bound Episodes and the Optimal Rate of Inflation
发现各国很少触及零利率下限，但一旦触及往往持续很久。作者在标准新凯恩斯模型中引入风险溢价冲击的体制转换，以生成符合现实的零利率下限持续时间分布，并探讨不同校准对最优通胀率的影响。
Countries rarely hit the zero lower bound (ZLB) on interest rates, but when they do, these episodes tend to be very long-lived. These two features are difficult to incorporate jointly into macroeconomic models using typical representations of shock processes. We introduce a regime-switching representation of risk premium shocks into an otherwise standard New Keynesian model to generate a realistic distribution of ZLB durations. We discuss what different calibrations of this model imply for optimal inflation rates.