The international transmission of asset market shocks in liquidity traps
构建两国异质性主体非李嘉图模型，研究流动性陷阱下资产供给或需求冲击的国际溢出效应，发现资产短缺在正常时期降息刺激经济，但在流动性陷阱中引发通缩和货币升值，可能导致衰退。
We build a two-country heterogenous-agent non-Ricardian model featuring asset scarcity and financial frictions in international capital markets. Due to the non-Ricardian nature of our framework, a demand for liquidity emerges and the supply of bonds matters. We show that shocks affecting the supply or demand of assets have very different international spillovers for an economy in a liquidity trap. A decrease in the supply of assets issued abroad leads to an asset shortage domestically. In normal times, the nominal interest rate decreases, stimulating investment and output. In a liquidity trap, deflation hits instead and the currency appreciates, which may cause a recession.