标题： 货币-财政互动与政府债务的流动性 显示英文标题

标题： Monetary-Fiscal Interaction and the Liquidity of Government Debt

摘要： 货币政策与财政政策的组合如何改变家庭的储蓄激励？ 为了解答这些问题，我们构建了一个异质主体的新凯恩斯模型，在该模型中三种不同类型的主体可以持有具有不同流动性特征的资产以应对个体风险。 根据政策组合对流动性溢价（即流动性较差的资产与公共债务之间的回报差异）的影响，它们对储蓄激励的作用也不同。 我们推导出一个直观的分析表达式，将流动性溢价与不同类型主体之间的消费差异联系起来。 这突显了通过货币和财政政策的相互作用影响私人主体的投资组合选择，并进而影响经济稳定的一种传导机制。 我们称之为“自我保险需求渠道”，它使流动性溢价朝向与标准的“政策驱动供给渠道”相反的方向变化。 因此，我们的分析揭示了推动流动性溢价的两种竞争力量的存在。 我们表明这两种力量的相对强度紧密地取决于当前的政策组合以及冲击经济的商业周期类型。 这意味着为了稳定经济，货币政策应考虑“自我保险”对流动性溢价的影响。 显示英文摘要

摘要： How does the monetary and fiscal policy mix alter households' saving incentives? To answer these questions, we build a heterogenous agents New Keynesian model where three different types of agents can save in assets with different liquidity profiles to insure against idiosyncratic risk. Policy mixes affect saving incentives differently according to their effect on the liquidity premium -- the return difference between less liquid assets and public debt. We derive an intuitive analytical expression linking the liquidity premium with consumption differentials amongst different types of agents. This underscores the presence of a transmission mechanism through which the interaction of monetary and fiscal policy shapes economic stability via its effect on the portfolio choice of private agents. We call it the 'self-insurance demand channel', which moves the liquidity premium in the opposite direction to the standard 'policy-driven supply channel'. Our analysis thus reveals the presence of two competing forces driving the liquidity premium. We show that the relative strength of the two is tightly linked to the policy mix in place and the type of business cycle shock hitting the economy. This implies that to stabilize the economy, monetary policy should consider the impact of the 'self-insurance' on the liquidity premium.