“CONVENTIONAL” MONETARY POLICY IN OLG MODELS: REVISITING THE ASSET‐SUBSTITUTION CHANNEL
在代际交叠模型中建模常规货币政策，发现名义利率水平会引发政府债务与私人债务或资本之间的资产替代，产生实际和名义效应，而标准新凯恩斯模型因政府债务非净财富而缺乏此效应。
Abstract Conventional monetary policy involves actions by the monetary and fiscal authorities: the former sets a nominal interest rate and the latter sets lump‐sum taxes to finance the implied flow of interest payments on government debt. We model such policy within an overlapping generations framework and show that absent any other frictions the magnitude of the nominal interest rate gives rise to asset substitution between government debt and either private debt or capital—substitution that has both real and nominal effects. Such substitution is not in standard New Keynesian models because their dynastic specification implies that government debt is not net wealth.