We analyze interactions between fiscal and monetary stimulus in a new Keynesian model with nominal mortgage debt that can be inflated away. Redistributive transfers are most impactful when followed by a temporary deviation from inflation-targeting monetary policy. Unlike other fiscal policies, redistribution causes inflation even in the absence of long-run debt sustainability problems, and inflating away mortgages results in additional redistribution. In a quantitative model with mortgage refinancing frictions, transfer payments provide much more stimulus than the redistributive effects of inflation. Borrowers gradually refinance after their mortgages are inflated away, dampening their immediate consumption response and reducing their long-run labor supply.

中文翻译：

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打印掉抵押贷款：财政通胀和后疫情繁荣

我们在一个新的凯恩斯主义模型中分析了财政和货币刺激之间的相互作用，其中名义抵押贷款债务可以膨胀。当再分配转移支付随后暂时偏离通胀目标货币政策时，其影响最大。与其他财政政策不同，即使不存在长期债务可持续性问题，再分配也会导致通货膨胀，而抵押贷款的膨胀会导致额外的再分配。在存在抵押贷款再融资摩擦的定量模型中，转移支付提供的刺激性比通货膨胀的再分配效应要大得多。借款人在抵押贷款膨胀后逐渐进行再融资，从而抑制了他们的即时消费反应并减少了他们的长期劳动力供应。