Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates
构建了一个新凯恩斯模型，其中企业家面临不可分散的特异性投资风险和信贷约束，政府债券提供流动性服务。研究发现，在给定永久赤字产出比下，存在多个稳态，稳态利率低于经济增长率，且公共债务包含泡沫成分。政策分析表明，在零利率下限附近或远离时，多种货币与财政政策参数组合能实现债务和通胀稳定。
We provide a new Keynesian model where entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity services. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are lower than the economic growth rate, and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set of monetary and fiscal policy parameters can achieve debt and inflation stability given persistent fiscal deficits both away from and at the zero interest rate lower bound.