弹性价格下的流动性通缩和流动性陷阱：一些微观基础和启示

LIQUIDITY DEFLATION AND LIQUIDITY TRAP UNDER FLEXIBLE PRICES:SOME MICROFOUNDATIONS AND IMPLICATIONS

作者：

吉列尔莫·卡尔沃（Guillermo A.Calvo）

The paper discusses simple microfoundations for Liquidity Deflation (Calvo 2016, Chapter 2),which gives rise to liquidity trap under perfectly flexible prices/wages. Unlike Keynes (1936),this is a Supply Side Liquidity Trap, SSLT, not resolved by a fall in prices /wages, or massivehelicopter increase in liquid government liabilities. However, escaping SSLT could be achievedby low policy interest rates on money (unless ZLB holds) and, more interestingly, higher inflationdriven by administered prices/wages. Moreover, contrary to (Friedman 1969), under LiquidityDeflation the Optimal Quantity of Money does not call for liquidity satiation, and may bedangerously close to SSLT.
本文讨论了流动性通缩的简单微观基础（Calvo 2016，第2章），这在完全灵活的价格/工资情况下引发了流动性陷阱。与凯恩斯（1936）不同，这是一个供应方流动性陷阱，即SSLT，无法通过价格/工资下降或直升飞机ZF流动性债务大量增加来解决。但是，可以通过较低的货币政策利率（除非ZLB持有）以及更有趣的是，受管理的价格/工资驱动的更高的通货膨胀率来逃避SSLT。此外，与（Friedman 1969）相反，在流动性通缩中，最优货币数量不要求流动性满足，并且可能危险地接近SSLT。