A Framework for Monetary and Banking Analysis
建立并分析了一个货币、银行和价格水平决定的简单模型，用于说明银行理论的最新发展，特别是银行提供的投资组合管理服务与交易服务之间的区别，并探讨了内部货币经济中的价格水平决定问题。
The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking, particularly the distinction between the portfolio management services provided by banks and their provision of transactions services. The assumptions are then extended to analyze price level determination in an economy that becomes an inside money economy as high-powered money goes out of use. The paper concludes by discussing the major unresolved questions about banking, money, and price level determination.