Real Balance Effects, Timing, and Equilibrium Determination
通过假设期初而非期末的货币余额提供交易服务，推翻了货币模型中名义与实际确定性的标准结论，并指出利率政策应被动应对通胀变化以确保均衡稳定。
By assuming that money balances at the beginning instead of at the end of the period provide transaction services, standard results on nominal and real determinacy in monetary models are overturned. The key is that predetermined real money balances can be a state variable. Whereas the determination of the absolute price level typically depends on fiscal policy under an exogenous interest setting, nominal determinacy is now achieved even when fiscal policy is Ricardian. Also, in contrast to the Taylor principle, the interest rate policy should respond passively to changes in inflation, thus ensuring nonoscillatory and locally stable equilibrium sequences.