Monetary Policy and the Transaction Role of Money in the US
研究发现，货币在交易中重要性的下降可以解释美国利率政策在沃尔克之前被动、之后主动的转变，这对理解货币政策规则演变有参考价值。
The declining importance of money in transactions can explain the well-known fact that U.S. interest rate policy was passive in the pre-Volcker period and active after 1982. We generalise a standard cashless New Keynesian model (Woodford2003) by incorporating an explicit transaction role for money. In the pre-Volcker period, we estimate that money did play an important role and determinacy required a passive interest rate policy. However, after 1982, money no longer played an important role in facilitating transactions. Correspondingly, the conventional view prevails and an active policy ensured equilibrium determinacy.