Real Implications of the Zero Bound on Nominal Interest Rates
分析名义利率零下限对经济的影响，发现影响大小取决于货币政策规则和价格设定方式：使价格水平稳定的规则下影响小，而通胀持续性强且价格设定向后看时影响大。
If monetary policy succeeds in keeping average inflation very low, nominal interest rates may occasionally be constrained by the zero lower bound. The degree to which this constraint has real implications depends on the monetary policy feedback rule and the structure of price setting. Policy rules that make the price level stationary lead to small real distortions from the zero bound. If policy imparts persistence into the inflation rate, the real implications of the zero bound are large in the presence of backward-looking price setting and small if prices are set to maximize profits.