A tractable model of monetary exchange with ex post heterogeneity
构建了一个连续时间的新货币主义经济模型，内生产生非退化的货币持有分布，分析了均衡性质，并研究了货币创造融资的转移支付、流动性陷阱及转移动态。
We construct a continuous-time, New-Monetarist economy that displays an endogenous, non-degenerate distribution of money holdings. Properties of equilibria are obtained analytically and equilibria are solved in closed form in a variety of cases. Lump-sum transfers financed with money creation are welfare-enhancing when labor productivity is low whereas regressive transfers approach first best when labor productivity is high and agents are not too impatient. We introduce illiquid government bonds and draw implications for liquidity-trap equilibria. We also study transitional dynamics under quadratic preferences and the velocity of money under heterogeneous preference shocks.