The Role of Money in Monetary Policy at the Lower Bound
在低利率环境下比较了严格货币增长目标制、通胀目标制和价格水平目标制的福利效果，发现货币增长目标制能降低零利率下限的发生频率和严重程度，并减少财政扩张需求。
Abstract In light of the current low‐interest‐rate environment, we reconsider the merits of strict money growth targeting (MGT) relative to conventional inflation targeting (IT) and to price level targeting (PLT). We evaluate these policies in terms of social welfare through the lens of a New Keynesian model and accounting for a zero lower bound (ZLB) constraint on the nominal interest rate. Although MGT makes monetary policy vulnerable to money demand shocks, MGT contributes to achieving price level stationarity and significantly reduces the incidence and severity of the ZLB relative to both IT and PLT. Furthermore, MGT lessens the need for fiscal expansions to supplement monetary policy in fighting recessions.