Monetary financing produces neither high inflation nor miraculous fiscal multipliers
研究货币融资的财政刺激在央行准备金付息且政府债券与准备金不完全替代时，对通胀和实体经济几乎没有影响，即使放宽条件也仅微弱推高通胀和产出。
Abstract I investigate the macroeconomic impact of money-financed fiscal stimuli when they are financed by interest-paying central bank reserves. I do so in New Keynesian models where government bonds and reserves are imperfect substitutes. Despite reducing funding costs for the consolidated government, I analytically show for several models that there is zero impact from money-financed fiscal stimuli on inflation and the real economy (relative to debt-financed stimuli). Afterwards, I relax the conditions behind this ‘irrelevance result’, and show that money-financed fiscal stimuli barely increase inflation and output.