The Real-Bills Doctrine versus the Quantity Theory: A Reconsideration
在代际交叠模型框架下分析真实票据学说与数量理论两种货币政策主张，发现数量理论主张非帕累托最优，而真实票据主张是帕累托最优。
Two competing monetary policy prescriptions are analyzed within the context of overlapping generations models. The real-bills prescription is for unfettered private intermediation or central bank operations designed to produce the effects of such intermediation. The quantity-theory prescription, in contrast, is for restrictions on private intermediation designed to separate "money" from credit. Although our models are consistent with quantity-theory predictions about money supply and price-level behavior under these two policy prescriptions, the models imply that the quantity-theory prescription is not Pareto optimal and the real-bills prescription is.