Assets, General Equilibrium and the Neutrality of Money
证明，当政府负债仅作为价值储藏且不提供额外服务时，货币供给变化不影响实际变量；但若政府交易名义资产或征税补贴，则货币中性失效。
When government liabilities (including money) are held in private portfolios only as stores of value and do not provide additional services (such as liquidity), real variables are not affected by changes in the money supply due to the government's trading in real assets (open market operations). This neutrality of monetary policy fails if the government either trades in nominal assets, or it distributes subsidies and levies taxes.