A Model of Post‐2008 Monetary Policy
将银行和准备金引入新凯恩斯模型，解释美国零利率下限期间通胀无通缩、波动小且量化宽松后未引发通胀的现象，并探讨政策正常化。
Abstract We introduce banks and bank reserves into the basic New Keynesian model and allow the central bank to set both the interest rate on reserves (IOR rate) and the nominal stock of reserves. Our model can account, in qualitative terms, for three key features of U.S. inflation during the recent zero‐lower‐bound (ZLB) episodes: no significant deflation, little inflation volatility, and no significant inflation following quantitative‐easing policies. Crucial to this result is our assumption that demand for bank reserves got close to satiation, but did not reach full satiation. We introduce liquid government bonds into the model to reconcile our nonsatiation assumption with the fact that Treasury‐bill rates were often below the IOR rate during the ZLB episodes. Looking ahead, we explore the implications of our model for the normalization of monetary policy and its operational framework (floor system).