Interest on Reserves and Sunspot Equilibria: Friedman's Proposal Reconsidered
在世代交叠模型中分析准备金付息对均衡确定性和福利的影响，发现虽然能消除稳态不确定性并实现帕累托最优，但会降低年轻人福利并可能引发太阳黑子均衡。
Friedman's (1960) proposal to pay interest on (required) reserves is considered in a setting that eliminates the indeterminacy of steady-state equilibrium discussed by Sargent and Wallace (1985). In an overlapping-generations model where the real rate of interest is technologically determined, the payment of interest on reserves results in a determinate, Pareto optimal steady-state equilibrium. However, interest payments on reserves reduce the steady-state welfare of all young agents and, for many economies, result in the existence of stationary sunspot equilibria. This is the case even if such equilibria cannot exist when reserves do not earn interest.