Increasing Returns to Scale in Financial Intermediation and the Non- Neutrality of Government Policy
构建了一个不完全竞争金融中介的一般均衡模型，研究货币增长率和存量的一次性增加对利率、中介借贷量、中介企业数量、通胀和价格水平的非中性影响，并揭示最优政府政策需权衡公共部门摩擦与私人中介的规模报酬递增和不完全竞争造成的资本市场扭曲。
A general equilibrium model of imperfectly competitive financial intermediaries is constructed and used to study the effects of some standard policy experiments. One-time increases in the growth rate and in the level of the stock of money have non-neutral (and sometimes surprising) effects on interest rates, the quantity of intermediated borrowing and lending, the number of intermediary firms, inflation and the price level. Optimal government macroeconomic policy is shown to reflect a tradeoff between public sector frictions and the capital market distortion created by increasing returns to scale and imperfect competition in private intermediation.