INSIDE MONEY, INVESTMENT, AND UNCONVENTIONAL MONETARY POLICY
构建了一个银行在货币政策传导中起核心作用的模型，分析在名义或实际债务目标下，货币当局如何影响名义利率和通胀，发现零利率下限时只有通过一次性转移支付发行货币才能提高通胀，债券购买无效。
Abstract I develop a model where banks play a central role in monetary policy transmission. By credibly committing to repayment, banks can perform liquidity transformation. Illiquid assets may pay a liquidity premium because they allow banks to create liquid assets. The policy analysis discusses how the monetary authority can affect nominal rates and inflation when the fiscal authority follows nominal or real debt targets. A main result is that under a nominal debt target, the monetary authority is only able to increase inflation at the zero‐lower bound by issuing money via lump‐sum transfers, while doing so via bond purchases is ineffective.