Banking in a Matching Model of Money and Capital
在存在交易摩擦的货币与资本模型中引入银行，研究银行提供活期存款合约、持有基础资产如何影响流动性配置和福利，并分析央行对准备金付息政策在不同银行运营成本下的效果。
We introduce banks in a model of money and capital with trading frictions. Banks offer demand deposit contracts and hold primary assets to maximize depositors’ utility. If banks’ operating costs are small, banks reallocate liquidity eliminating idle balances and improving the allocation. At moderate costs, idle balances are reduced but not eliminated. At larger costs, banks are redundant. A central bank policy of paying interest on bank reserves can reverse inflation's distortionary effects, and increase welfare, but only when costs are small. The threshold levels of banks’ costs increase with inflation, suggesting inflation and banks’ utilization are positively associated.