A Contribution to the Theory of Business Cycles
构建了一个由同质完全竞争企业组成的经济模型，发现存在局部不稳定的稳态均衡，而旨在稳定实际余额的货币政策可以产生收敛于极限周期的非稳态路径，具有凯恩斯特征。
An economy consisting of identical perfectly competitive firms with real liquidity costs and a one-period production lag has a locally unstable stationary equilibrium with complex eigenvalues for a wide range of parameters. Monetary policy aimed at stabilizing real balances can support nonstationary equilibrium paths that converge to a limit cycle, which has Keynesian features. The First Welfare Theorem does not hold because the price level appears in the production function through liquidity costs, so that production has a positive externality.