A note on the societal benefits of illiquid bonds
本文在可解析框架下刻画了最优干预政策，并证明非流动性债券市场的社会效益在稳态下持续存在，对研究债券市场设计和货币政策的经济学者有参考价值。
Abstract Kocherlakota (2003) provides an example of a monetary economy where efficiency is enhanced with the introduction of a nominally risk‐free bond that is specifically designed to be illiquid. The societal benefit of an illiquid bond in his example, however, is transitory, and he does not characterize an optimal policy. I use an analytically tractable framework to characterize an optimal intervention and to show that the purported benefits of an illiquid bond market persist in a steady state.