MONEY CYCLES
研究发现，在高效货币政策下，货币作为流动性资产能实现有效配置；而其他政策会导致储蓄、活跃与闲置的无效“货币周期”，且通胀会引发“烫手山芋”效应，刺激低效的高总产出。
Operating overheads are widespread and lead to concentrated bursts of activity. To transfer resources between active and idle spells, agents demand financial assets. Futures contracts and lotteries are unsuitable, as they have substantial overheads of their own. We show that money—under efficient monetary policy—is a liquid asset that leads to efficient allocations. Under all other policies, agents follow inefficient “money cycle” patterns of saving, activity, and inactivity. Agents spend their money too quickly—a hot‐potato effect of inflation. We show that inflation can stimulate inefficiently high aggregate output.