SEARCH, LIMITED PARTICIPATION, AND MONETARY POLICY*
利用货币搜寻模型的最新发展，以易于处理的方式捕捉货币政策的分配效应，研究货币非中性及其持续存在的原因，并探讨最优货币政策如何纠正搜寻部门的扭曲。
A model is developed that employs recent developments in the literature on search models of money to capture the distributional effects of monetary policy in a tractable way. Deterministic and stochastic versions of the model are studied. Money is not neutral, and these nonneutralities persist, whether or not the change in the money supply is anticipated or unanticipated. At the optimum, monetary policy is geared to correcting distortions in the search sector of the economy, while correcting for the persistent effects of past monetary policy actions.