There has been much interest recently in the role of household long-term, mortgage, debt in the transmission of monetary policy. This paper offers a tractable framework that integrates the long-term debt channel with the standard New-Keynesian channel, providing a tool for monetary policy analysis that reflects the recent debates in the literature. As there is a nontrivial role in the model for both short- and long-term debt, it provides a laboratory to investigate the effects of monetary policy operating not only through its current short-term actions but also through expected, persistent, changes in its stance.

中文翻译：

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MoNK：新凯恩斯模型中的抵押贷款

最近，人们对家庭长期，抵押，债务在货币政策传导中的作用引起了极大的兴趣。本文提供了一个易于处理的框架，该框架将长期债务渠道与标准的新凯恩斯主义渠道进行了整合，为进行货币政策分析提供了一种工具，以反映文献中的近期争论。由于该模型在短期和长期债务模型中都扮演着重要角色，因此它提供了一个实验室，不仅可以通过当前的短期行动，而且可以通过预期的，持续的，变化的货币政策来研究货币政策运作的影响。姿态。