A Central Bank Theory of Price Level Determination
提出中央银行无需财政支持即可控制价格水平的理论，强调汇款政策和资产负债表的关键作用，并说明资本充足的央行可通过设定准备金利率、持有短期资产及向财政部返还收入来实现价格控制。
This paper develops a theory in which the central bank can control the price level without fiscal backing. It is shown that the remittances policy and the balance sheet of the central bank are important elements to specify. A central bank that is appropriately capitalized can succeed in controlling prices by setting the interest rate on reserves, holding short-term assets, and rebating its income to the treasury from which it has to maintain financial independence.