A Price Discrimination Analysis of Monetary Policy
通过一个模型分析法律限制对私人中介的约束如何解释货币与无风险债券共存，并说明这种限制使政府能征收非线性通胀税，可能比线性税更符合帕累托标准。
Monetary policy is analysed within a model that appeals to legal restrictions on private intermediation to explain the coexistence of currency and interest-bearing default-free bonds. The interaction between such legal restrictions and monetary policy is illustrated in a version of the overlapping generations model. The model shows that legal restrictions and the use of both currency and bonds permit the government to levy a nonlinear inflation tax and that such a tax may be better in terms of the Pareto criterion than a linear inflation tax.