Monetary Policy When the Phillips Curve Is Quite Flat
研究了菲利普斯曲线平坦时，货币政策成本渠道如何影响通胀与政策关系，发现宽松政策可能使经济陷入低通胀陷阱，并探讨了标准通胀目标规则的修改条件。
This paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary policy can push the economy to a low-inflation trap, and we discuss how, under the same condition, standard policy rules targeting inflation may need to be modified. In the empirical part of the paper, we explore the relevance of the condition that gives rise to these observations. The results support the key condition we emphasize.