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Pointer to Mark Thoma.  『金融市場の不完全性とマクロ経済政策』コンファレンス。

Marco Del Negro, Federal Reserve Bank of New York
Gauti Eggertsson, Federal Reserve Bank of New York
Andrea Ferrero, Federal Reserve Bank of New York
Nobuhiro Kiyotaki, Princeton University
The Great Escape? A Quantitative Evaluation of the Fed’s Non-standard Monetary Policy

This paper extends the model in Kiyotaki and Moore (2008) to include nominal wage and price frictions and explicitly incorporates the zero bound on the short-term nominal interest rate. We subject this model to a shock which arguably captures the 2008 US financial crisis. Within this framework we ask: Once interest rate cuts are no longer feasible due to the zero bound, what are the effects of non-standard open market operations in which the government exchanges liquid government liabilities for illiquid private assets? We find that the effect of this non-standard monetary policy can be large at zero nominal interest rates. We show model simulations in which these policy interventions prevented a repeat of the Great Depression in 2008-2009. (下線は私)


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