A Nominal Theory of the Nominal Rate of Interest and the Price Level
提出一个简单理论，假设货币与债券的唯一区别在于持有期限，个人考虑政府预算约束但不贴现未来税负，认为债券价格类似价格水平，名义利率由债券/货币比率决定，与通胀率无关。
This paper develops a simple theory of nominal income and interest determination under the assumption that the only relevant distinction between money and bonds lies in their holding periods. Individuals take full account of the government budget constraint and do not concern themselves with discounting future tax liabilities associated with the issue of government bonds. According to this theory, the price of bonds is analogous to the price level, and the nominal rate of interest is determined by the bond/money ratio and bears no close relationship to the rate of expansion of the price level.