Monetary Policy and Banking Structure
研究了竞争性和垄断性银行体系下的最优货币政策差异，发现弗里德曼规则在垄断银行经济中最优，零通胀政策在竞争银行经济中最优，且结合贴现窗口政策可实现有效配置。
In this paper, I examine the differences in optimal monetary policy in various banking systems. In particular, I compare two monetary economies: one with a competitive banking system and the other with a monopolistic one. In addition, the optimality of the discount window policy is considered. It is shown that the Friedman rule is the optimal monetary policy in a monopolistic banking economy, and the zero-inflation policy is optimal in a competitive banking economy under appropriate parameters. In addition, the combination of the Friedman rule and the discount window policy can achieve efficient allocation in both banking systems.