Monetary and Fiscal Policies under Very Low Interest Rate and Government Debt Accumulation

我们从财政政策规则的角度来看，2008年全球金融危机后财政平衡的恶化降低了日本货币政策的效果。我们对财政政策与货币危机关系的理论分析证明，2001年阿根廷货币危机是由于公共部门违反预算约束造成的。我们从货币政策规则的角度验证了严重的金融危机导致的国家间不完全的资本流动倾向于延长零利率政策作为最优货币政策规则的持续时间。

Our perspective from the fiscal policy rule shows that the deterioration of fiscal balance after the 2008 global financial crisis reduces the effects of monetary policy in Japan. Our theoretical analysis on the relationship between fiscal policy and currency crisis verifies that the Argentine currency crisis in 2001 was caused by the violation of budget constraint of public sector. Our perspective from the monetary policy rule verifies that the imperfect capital mobility among the nations caused by serious financial crisis tends to prolong the duration of zero interest rate policy as an optimal monetary policy rule.