Comments on Monetary Policy at the Effective Lower Bound
认为，若中性实际利率维持在1%左右，未来短期利率受有效下限约束会更频繁，建议美联储在零利率下限时采取“长期低利率”或“补偿”策略，以改善经济表现并防止通胀预期下降。
Constraints on the setting of short-term interest rates due to the effective lower bound are likely to bind more often in the future than in the past if the neutral real rate of interest remains in the neighborhood of 1 percent. This paper argues that the Federal Open Market Committee should commit to pursuing a "lower-for-longer" or "makeup" strategy for setting short-term rates when the zero bound binds. This strategy is consistent with the goal of targeting 2 percent inflation, on average, over the business cycle. A "lower-for-longer" approach would improve economic performance during zero-lower-bound episodes and avoid an erosion of inflation expectations.