Money Creation: Tax or Public Liquidity?
在卢卡斯1995年诺贝尔奖演讲的货币扩张例子基础上，扩展货币政策工具定义，发现货币扩张通过跨异质个体和时期的消费再分配提高产出，且当无息现金不产生显著扭曲时结论仍成立。
Abstract I revisit the example of non‐neutral anticipated monetary expansions used in Lucas (1995) Nobel Prize Lecture, within a broader definition of monetary policy tools, such as paying a nominal return on money or using open market operations, to show that money expansions increase output by reallocating consumption across heterogenous individuals and time periods. This result survives with noninterest‐bearing cash when the latter does not generate relevant distortions.