STABILIZATION POLICY AT THE ZERO LOWER BOUND
构建了一个存在总体流动性冲击和异质性偏好冲击的货币经济模型，分析了零利率下限下央行通过回购安排实施稳定政策的效果，发现该政策能暂时缓解流动性约束并产生有益的一般均衡效应。
Abstract We construct a monetary economy with aggregate liquidity shocks and heterogeneous idiosyncratic preference shocks. In this environment, not all agents are satiated at the zero lower bound (ZLB) even when the Friedman rule is the best interest‐rate policy the central bank can implement. As a consequence, central bank stabilization policy, which takes the form of repo arrangements in response to aggregate demand shocks, temporarily relaxes the liquidity constraint of impatient agents at the ZLB. Due to a pecuniary externality, this policy may have beneficial general equilibrium effects for patient agents even if they are unconstrained in their money balances.