Time Consistency and Duration of Government Debt: A Model of Quantitative Easing
建立了一个模型，研究短期名义利率触及零下限时量化宽松（QE）的效果，发现缩短政府债务期限能通过预期未来货币扩张在时间一致均衡中发挥作用，数值实验表明效果显著。
Abstract This article presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on the short-term nominal interest rate. QE, which reduces the maturity of government debt, is effective at the ZLB because it generates expectations of future monetary expansion in a time-consistent equilibrium. Numerical experiments show that this effect can be substantial.