We show that the path of inflation under quantitative easing policies that target interest rates, is determinate in the presence of default. We achieve this through different payoff profiles that a collateralised defaultable bond achieves in different states of nature with distinct default outcomes. In the model, heterogeneous households trade this bond and other shorter maturity risk-free bonds to maximize their intertemporal utility of consumption and labour. The differentiated payoffs of the collateralised bond, in an equilibrium with active default, span the full state space giving determinacy of prices and inflation as an outcome. This, implies that quantitative easing as implemented by the ECB in the recent years, can control the stochastic path of inflation.

我们表明，在存在违约的情况下，针对利率的量化宽松政策下的通货膨胀路径是确定的。我们通过不同的收益状况来实现这一点，抵押的可违约债券在不同的自然状态下会获得不同的违约结果。在模型中，异类家庭交易该债券和其他较短期限的无风险债券，以最大化其跨时期的消费和劳动力效用。在具有主动违约的均衡条件下，抵押债券的有区别的收益会覆盖整个状态空间，从而确定价格和通胀。这意味着欧洲央行近年来实施的量化宽松政策可以控制通货膨胀的随机路径。