Overaccumulation, Interest, and Prices
用一个金融加速器模型研究全要素生产率预期变化和信贷变化驱动的繁荣-萧条中利率与价格的变化，发现债务相对资本的过度积累是萧条的关键，且严格通胀目标在多数情况下降低低效。
Abstract I use a financial accelerator model to study interest and prices under boom–busts driven by changes in expectations about total factor productivity (TFP) and credit. I show that inflation falls in the boom phase of the TFP episode and then recovers during the bust, yet rises in the boom phase of the credit episode and then falls during the bust. Furthermore, for both episodes, the overaccumulation of debt relative to capital during the boom is critical for the busts since it implies a fall in credit worthiness. Finally, I show that stricter inflation targeting reduces inefficiencies in all instances but the boom phase of the TFP episode.