Dynamic Debt Deleveraging and Optimal Monetary Policy
构建了一个包含借贷双方异质性的后危机新凯恩斯模型，研究零利率下限下的最优货币政策，发现政策可通过加速去杠杆内生缩短危机和零利率下限持续时间，通胀应在零利率期间提前释放并超过长期目标。
This paper proposes a postcrisis New Keynesian model that incorporates agent heterogeneity in borrowing and lending with a minimum set of assumptions. Unlike the standard framework, this model makes the natural rate of interest endogenous and dependent on macroeconomic policy. The main application is to study optimal monetary policy at the zero lower bound (ZLB). Such policy succeeds in raising the natural rate of interest by creating an environment that speeds up deleveraging and thus endogenously shortens the crisis and the duration of binding ZLB. Inflation should be front-loaded and should overshoot its long-term target during the ZLB episode.