Monetary Policy and Financial Intermediation
构建了一个货币非中性的一般均衡模型，基于三个基本假设：金融中介面临存款准备金要求、是央行货币注入的渠道、且货币注入最初不受准备金要求约束，从而解释了随机货币注入的扩张效应及内生货币乘数。
This paper develops a general equilibrium model of monetary nonneutrality that is a natural result of three basic assumptions: (1) financial intermediaries face reserve requirements on deposits, (2) financial intermediaries are the conduit for central bank monetary injections, and (3) monetary injections are not initially subject to reserve requirements. This asymmetry on the imposition of reserve requirements. This results in stochastic monetary injections being expansionary. The model also gives rise to an endogenous money multiplier because some purchases are made with cash while others with checking accounts, and the cash versus check composition of total purchases varies with the aggregate shocks. Copyright 1994 by Ohio State University Press.