The Quantitative Analytics of the Basic Neomonetarist Model
构建了一个价格不完全灵活的动态宏观经济模型，该模型在真实商业周期理论基础上加入投资调整成本、规模报酬递增和不完全竞争，并开发了一种适用于快慢调整状态变量的新近似方法。研究发现货币扩张会提高实际利率，并探讨了实际刚性与价格调整速度的决定因素。
This paper constructs a dynamic macroeconomic model with less- than-perfect price flexibility which has a real side consistent with Real Business Cycle Theory, augmented by investment adjustment costs, increasing returns to scale, and a new, flexible formalization of imperfect competition. A new mode of approximation is developedþuseful for any model in which one state variable adjusts quickly, while another state variable adjusts slowly. Even with investment adjustment costs, monetary expansions are found to raise the real interest rate. The determinants of real rigidity and the macroeconomic rate of price adjustment are investigated.