Financial institutions and the Cambridge theory of distribution
研究金融中介的性质如何影响剑桥分配理论，发现当信贷市场类似可贷资金市场时理论成立，而当存在内生银行货币时则不成立，表明金融机构和内生货币对长期稳态结果有重要影响。
This paper shows how the Cambridge theory of distribution is affected by the nature of financial intermediation. When credit markets are akin to loanable funds markets in which lenders transfer resources to borrowers, the Cambridge theory holds and steady-state income distribution is independent of workers' saving behaviour. However, when credit markets embody endogenously generated bank money, the Cambridge theory does not hold. Financial institutions and endogenous money therefore matter for long-run steady-state outcomes, just as they do for short-run macroeconomic outcomes. Copyright 2002, Oxford University Press.