Liquidity Effects in Non‐Ricardian Economies
传统李嘉图模型难以产生流动性效应（货币注入降低名义利率），本研究证明在每期有新代理人进入的非李嘉图环境中可以生成该效应。
Abstract It has often been found difficult to generate a liquidity effect (i.e., a negative effect of monetary injections on the nominal interest rate) in the traditional “Ricardian” stochastic dynamic model with a single infinitely lived household. We show that moving to a non‐Ricardian environment where new agents enter the economy in each period allows such a liquidity effect to be generated.