国际清算银行：公共债务与货币政策传导：来自发达和新兴欧洲的证据（英文版）

In standard models of monetary policy, public debt is assumed to have no role. Policy rate changes affect output and inflation through conventional channels, and any fiscal consequences of interest rate changes are assumed to be offset by corresponding adjustments in fiscal policy. However, with public debt high in many economies, this assumption may no longer be innocuous. Changes in monetary policy affect not only private borrowing costs but also government interest payments, the income ear