The Failure of Woodford's Model of the Channel System in the Cashless Economy
指出伍德福德的无摩擦通道系统模型忽略了在中央银行清算电子现金余额的必要性，没有最终结算会导致通道系统崩溃。
Woodford claims to present a cashless and frictionless model of the channel system of interest rate control. This note explains why Woodford's frictionless model omits an essential feature of channel systems: the need for clearing e‐cash balances at the central bank. Without the existence of some form of final settlement on the books of the central bank channel systems collapse. Woodford makes this conceptual error because he assumes that moneyless accounting systems of exchange can be applied to model e‐cash economies.