Time Consistency and Duration of Government Debt: A Model of Quantitative Easing
时间一致性与政府债务期限：一个量化宽松模型
财政收入公共治理政府债务货币与金融监管
本文提出了一个短期名义利率处于零下限（ZLB）时的量化宽松（QE）模型。QE 会缩短政府债务的期限，其在零下限处有效，是因为它在一个时间一致的均衡中产生了对未来货币扩张的预期。数值实验表明，这一效应可能相当可观。
英文原文
This article presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on the short-term nominal interest rate. QE, which reduces the maturity of government debt, is effective at the ZLB because it generates expectations of future monetary expansion in a time-consistent equilibrium. Numerical experiments show that this effect can be substantial.