The monetary financing of a large fiscal shock
受疫情危机中债务激增的启发，本文重新审视最优公共债务融资问题，发现当名义刚性源于信息粘性而非价格粘性时，通胀对大规模财政支出扩张的最优反应是渐进、显著且持久的上升，且这一结论在债务期限较长时尤为关键。
Motivated by the surge in debt levels through the pandemic crisis, we revisit the issue of the optimal financing of public debt. In contrast to existing results, we find that the optimal response of inflation to a large increase in public spending is a gradual, significant and long-lasting rise in inflation. Our conclusion is due to a different assumption on the source of nominal rigidities. While the literature has focused on sticky prices, of either the Calvo (1983) or Rotemberg (1982) type, we consider sticky plans as in the sticky information set up of Mankiw and Reis (2002). A crucial feature of our results is that a significant inflation response is desirable if the maturity of public debt is (realistically) long.