NONNEUTRALITY OF MONEY IN DISPERSION: HUME REVISITED
研究了一类标准偏好下，一次性货币注入如何通过分散财富分布，在匹配模型中引发显著且持久的产出响应，并解释了价格粘性、利润率与产出同向变动等现象。
Abstract For a class of standard and widely used preferences, a one‐shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. Following the injection, the price response may be sluggish, the markup may move up with output, and both the interest rate and the inflation rate may drop below their trend levels.