Overcoming the Zero Bound on Interest Rate Policy
提出三种克服利率零下限的方法：对货币征收持有税、长期债券公开市场操作和货币转移支付，并讨论了央行在零利率下限实施量化政策所需的财政支持。
The paper proposes three options for overcoming the zero bound on interest rate policy: a carry tax on money, open market operations in long bonds, and monetary transfers.A variable carry tax on electronic bank reserves could enable a central bank to target negative nominal interest rates.A carry tax could be imposed on currency to create more leeway to make interest rates negative.Quantitative policy--monetary transfers and open market purchases of long bonds--could stimulate the economy by creating liquidity broadly defined.A central bank needs more fiscal support than usual from the Treasury to pursue quantitative policy at the interest rate floor.