Interest‐Rate Pegs in New Keynesian Models
研究了利率钉住政策的效果，发现固定高利率钉住会导致通胀和产出下降，引发政策变动，反驳了新费雪主义观点。
Abstract The conventional policy perspective is that lowering the interest rate increases output and inflation in the short run, while maintaining inflation at a higher level requires a higher interest rate in the long run. In contrast, it has been argued that a Neo‐Fisherian policy of setting an interest‐rate peg at a fixed higher level will increase the inflation rate. We show that adaptive learning argues against the Neo‐Fisherian approach. Pegging the interest rate at a higher level will induce instability and most likely lead to falling inflation and output over time. Eventually, this would precipitate a change of policy.