| 简介： | We examine the effects of three different monetary policy implementation schemes: lump sum taxes (LST), standing lending facility (SLF), and open market operations (OMO), in a unified monetary framework where agents actively borrow and lend and trade government bonds. We show that without financial frictions, anticipated inflation has the same marginal effect, no matter which of the three implementation scheme is used by the central bank (CB). However, with OMO alone, though extended periods of positive inflation is possible if the CB continually increases its bond purchases, positive steady state inflation is not feasible. When borrowers are constrained by financial frictions, there is a liquidity premium in bond prices and LST can have qualitatively different predictions regarding the relationship between inflation and welfare than SLF and OMO, because the latter two have differential effects on borrowers and lenders. OMO further differs from SLF in that it not only affects inflation and the loan market, but also changes the amount of government bonds that private agents can carry to insure against risks. |