Liquidity, the Mundell–Tobin Effect, and the Friedman Rule
研究了通货膨胀与资本投资的正向关系（蒙代尔-托宾效应）如何影响最优货币政策，发现存在该效应时高于弗里德曼规则的通货膨胀率是最优的。
Abstract We investigate how a positive relation between inflation and capital investment (the Mundell–Tobin effect, MT‐E) affects optimal monetary policy in a framework that combines overlapping generations and new Monetarist models. We find that inflation rates above the Friedman rule are optimal if and only if there is an MT‐E. In the absence of the MT‐E, the Friedman rule is optimal. With an MT‐E, increasing inflation above the Friedman rule leads to a first‐order welfare gain from increasing capital investment, and only to a second‐order welfare loss from reducing consumption in markets where liquidity matters.