Irrelevance of Open-Market Operations in Some Economies With Government Currency Being Dominated in Rate of Return
研究在政府货币回报率被其他资产主导的经济环境中，公开市场操作是否仍然有效，并证明此时存在类似莫迪利亚尼-米勒定理的结论，对理解货币政策传导机制有参考价值。
This paper describes an environment in which government-issued currency is dominated in rate of return and in which there obtains a Modigliani-Miller theorem for government open market operations. Earlier Modigliani-Miller theorems for government finance have been stated for environments in which government-issued currency is not dominated in rate of return in equilibrium. Since government-issued currency is widely observed to be dominated in return, it is useful to study how Modigliani-Miller theorems hinge on absence of rate of return dominance.