论文标题
在低利率环境中平衡难以忍受的轻度
The unbearable lightness of equilibria in a low interest rate environment
论文作者
论文摘要
没有解决方案的结构模型是不连贯的，并且具有多个解决方案的结构模型不完整。我们表明，具有偶尔约束的模型并不是一般连贯的。相干性需要限制参数或支持冲击分布的支持。在存在多个冲击的情况下，支撑限制不能彼此独立，因此结构冲击正交性的假设与相干性不相容。相干性基于支持限制的模型通常不完整，承认大量最小状态可变解决方案。
Structural models with no solution are incoherent, and those with multiple solutions are incomplete. We show that models with occasionally binding constraints are not generically coherent. Coherency requires restrictions on the parameters or on the support of the distribution of the shocks. In presence of multiple shocks, the support restrictions cannot be independent from each other, so the assumption of orthogonality of structural shocks is incompatible with coherency. Models whose coherency is based on support restrictions are generically incomplete, admitting a very large number of minimum state variable solutions.
