Financial Innovations, Money Demand, and the Welfare Cost of Inflation
研究了1990年代金融创新如何解释货币需求与利率关系的破裂，通过构建货币市场模型并校准美国数据，发现扫账技术能很好解释货币需求变化，且降低了通胀的福利成本。
In the 1990s, the empirical relationship between money demand and interest rates began to fall apart. We analyze to what extent financial innovations can explain this breakdown. For this purpose, we construct a microfounded monetary model with a money market that provides insurance against liquidity shocks by offering short‐term loans and by paying interest on money market deposits. We calibrate the model to U.S. data and find that the introduction of the sweep technology at the beginning of the 1990s, which improved access to money markets, can explain the behavior of money demand very well. Furthermore, by allowing a more efficient allocation of money, the welfare cost of inflation decreased substantially.