The Perils of Nominal Targets*
研究发现，即使货币当局承诺追求通胀、价格水平或名义GDP目标，当私人部门预期偏离目标太远时，零利率下限会使其无法实现目标，导致低通胀预期自我实现，形成产出低于有效水平的额外马尔可夫均衡。
A monetary authority can be committed to pursuing an inflation, price-level, or nominal-GDP target, yet systematically fail to achieve the prescribed goal. Constrained by the zero lower bound on the policy rate, the monetary authority is unable to implement its objectives when private sector expectations stray far enough from the target. Low-inflation expectations become self-fulfilling, resulting in an additional Markov equilibrium in which the monetary authority falls short of the nominal target, average output is below its efficient level, and the policy rate is typically low. Introducing a stabilization goal for long-term nominal rates can implement a unique Markov equilibrium without fully compromising stabilization policy.