The Barnett Critique After Three Decades: A New Keynesian Analysis
扩展新凯恩斯模型，纳入家庭对货币和存款的流动性服务需求，验证了巴内特批判：迪维西亚货币总量准确追踪真实货币总量，而简单加总指标常偏离；货币服务的数量与价格指数与产出变动高度相关，并刻画了金融部门冲击下的最优货币政策。
This paper extends a New Keynesian model to include roles for currency and deposits as competing sources of liquidity services demanded by households. It shows that, both qualitatively and quantitatively, the Barnett critique applies: While a Divisia aggregate of monetary services tracks the true monetary aggregate almost perfectly, a simple-sum measure often behaves quite differently. The model also shows that movements in both quantity and price indices for monetary services correlate strongly with movements in output following a variety of shocks. Finally, the analysis characterizes the optimal monetary policy response to disturbances that originate in the financial sector.