A Monetary Equilibrium Model with Transactions Costs
构建了一个人们为交易目的持有货币的竞争均衡模型，分析了不同货币扩张率下的稳态以及公开市场操作等非稳态事件的影响。即使模型没有不确定性且具有完美预见性，公开市场操作仍会影响总产出。
This paper presents the competitive equilibrium of an economy in which people hold money for transactions purposes. It studies both the steady states that result from different rates of monetary expansion and the effects of such non-steady-state events as an open-market operation. Even though the model features no uncertainty and perfect foresight, open-market operations affect aggregate output. In particular, a simultaneous increase in money and governmental holdings of capital temporarily raises aggregate capital and output while it lowers the real rate of interest on capital.