Whither Monetary Economics?
主张货币经济学应运用实施理论，研究那些明确包含使货币不可或缺的摩擦的模型，并指出传统模型存在隐性矛盾，同时展示该方法在货币冲击、通胀福利成本等核心问题上的新见解。
I argue that monetary economics should be pursued by applying implementation theory to models which contain explicit frictions that make money essential. The argument has two parts. First, I argue that models in which real balances are assumed to be productive—models with money in utility or production functions or with cash‐in‐advance constraints—contain hidden inconsistencies. Second, I argue that the approach advocated is capable of providing new insights about some of the main issues in monetary economics: the effects of monetary shocks, the welfare cost of inflation, and the roles of inside and outside money.