Global Imbalances and Policy Wars at the Zero Lower Bound
研究了全球资本一体化但异质、存在名义刚性和零利率下限时，极低实际利率的后果。发现债权国在零利率下会向外输出衰退，而货币战和贸易战以邻为壑，但公共债务发行和政府支出扩张则具有全球扩张效应。
Abstract This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (3) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad.