The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis
指出央行资产负债表的神秘性被夸大，其资源约束限制了分红能力，并通过主权违约模型说明央行主要通过提高通胀来影响均衡选择。
A central bank's resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. This is in spite of the mystique behind a central bank's balance sheet. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute resources across regions. In a simple model of sovereign default, where multiple equilibria arise if debt repudiation lowers fiscal surpluses, the central bank may help to select one equilibrium. The central bank's main lever over fundamentals is to raise inflation, but otherwise the balance sheet gives it little leeway.