Monetary Policy and the Zero Bound to Interest Rates: A Review1
综述了名义利率零下限对货币政策的影响，评估了触及零下限的风险以及应对策略，认为预防比治疗更稳妥，但现有通胀目标已提供足够保障。
Abstract. This paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. The aim is to evaluate the risks of hitting the zero bound; and to evaluate policies that are said to be able to reduce that risk, or policies that are proposed as means of helping the economy escape if it is in a zero bound ‘trap’. I conclude that policies aimed at ‘cure’ are arguably more uncertain tools than those aimed at ‘prevention’, so prevention is a less risky strategy for policymakers. But since the risks of hitting the zero bound seem quite small anyway, and the risks of encountering a deflationary spiral smaller still, it is conceivable that inflation objectives that typify modern monetary regimes already have more than enough insurance built into them to deal with the zero bound problem.