Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach
构建了一个整合金融中介理论与新货币主义框架的模型，研究公共与私人流动性，发现最优政策偏离弗里德曼规则，流动性陷阱可在远离该规则时存在，且金融摩擦导致的金融危机可通过非常规公开市场操作缓解。
A model of public and private liquidity integrates financial intermediation theory with a New Monetarist monetary framework. Non-passive fiscal policy and costs of operating a currency system imply that an optimal policy deviates from the Friedman rule. A liquidity trap can exist in equilibrium away from the Friedman rule, and there exists a permanent nonneutrality of money, driven by an illiquidity effect. Financial frictions can produce a financial-crisis phenomenon that can be mitigated by conventional open market operations working in an unconventional manner. Private asset purchases by the central bank are either irrelevant or they reallocate credit and redistribute income.