THE NEUTRALITY OF NOMINAL RATES: HOW LONG IS THE LONG RUN?
研究了政策利率与通胀之间的长期正相关关系，发现名义利率的永久性上升也会在短期内推高通胀，表明日本和欧元区的低通胀源于政策利率长期过低。
Abstract We revisit the empirical relationship between policy interest rates and inflation aimed at understanding the reasons for persistently low inflation in Japan and the euro area and why monetary policy has been unable to raise it. We document the long‐run positive relationship between nominal rates and inflation across countries and across time. We also find that a permanent rise in nominal rates leads to an increase in inflation, also in the short run. These findings suggest that the low inflation outcomes are a result of policy rates being kept too low for too long.