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英文文献：The Zero Lower Bound: Frequency, Duration, and Determinacy-零下限:频率、持续时间和确定性
英文文献作者：Alexander W. Richter,Nathaniel A. Throckmorton
英文文献摘要：
When monetary policy faces a zero lower bound (ZLB) constraint on the nominal interest rate, determinacy is not guaranteed even if the Taylor principle is satisfied when the ZLB does not bind. This paper shows the boundary of the determinacy region imposes a clear tradeoff between the expected frequency and average duration of ZLB events. We show this tradeoff using a global solution to a nonlinear New Keynesian model with two alternative stochastic processes?one where monetary policy follows a 2-state Markov chain, which exogenously governs whether the ZLB binds, and the other where ZLB events arise endogenously due to technology shocks. In both cases, the household accounts for the possibility of going to and exiting the ZLB in expectation. We quantify the expectation al effect of the ZLB and show it depends on the parameters of the stochastic process.
当货币政策面临名义利率的零利率下限约束时，即使满足泰勒原则，当ZLB不受约束时，也不能保证确定性。本文表明，确定性区域的边界在ZLB事件的期望频率和平均持续时间之间施加了一个明确的折衷。我们证明这个权衡使用一个全局解决非线性新凯恩斯模型与两个替代随机过程?一种是货币政策遵循二态马尔可夫链，它从外部决定ZLB是否绑定;另一种是由于技术冲击，ZLB事件从内部产生。在这两种情况下，家庭都考虑了进入和退出ZLB的可能性。我们量化了ZLB的期望效应，并证明了它依赖于随机过程的参数。
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