Heterogeneous Consumers, Segmented Asset Markets and the Real Effects of Monetary Policy
提出货币持有分布变化影响总需求的新机制，通过分割资产市场模型解释货币政策冲击如何产生短期通胀产出权衡、流动性效应等实际效应。
Abstract This article proposes a novel mechanism by which changes in the distribution of money holdings have real aggregate effects. I develop a flexible-price model of segmented asset markets in which monetary policy influences the aggregate demand elasticity via heterogenous money holdings. Because varieties of consumption bundles are purchased sequentially, newly injected money disseminates slowly throughout the economy via second-round effects. The model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and pro-cyclical wages after monetary shocks. Among other correlations of financial variables, it also reproduces the empirical, negative relationship between changes in the money supply and markups.