Introducing bank reserves (or money) into the basic New Keynesian (NK) model offers a resolution of NK puzzles and paradoxes. The resulting models deliver local-equilibrium determinacy under an exogenous interest rate on reserves and an exogenous nominal stock of reserves, even for an arbitrarily small monetary friction. This leads to a resolution of the forward-guidance puzzle, the fiscal-multiplier puzzle, and the paradox of flexibility. As the monetary friction becomes vanishingly small, the models converge to the basic NK model and serve to select a particular equilibrium of that model - which also offers a resolution of the paradox of toil.

中文翻译：

---

盯住银行准备金利率：新凯恩斯主义难题和悖论的解决

在基本的新凯恩斯主义（NK）模型中引入银行准备金（或货币）可以解决NK难题和悖论。由此产生的模型即使在任意小规模的货币摩擦下，也可以在储备的外生利率和储备的外在名义存量下提供局部均衡的确定性。这样就解决了前向引导难题，财政乘数难题和灵活性悖论。随着货币摩擦逐渐消失，这些模型收敛到基本NK模型，并用来选择该模型的特定均衡-这也提供了解决劳动悖论的方法。