Optimality of the Friedman rule in economies with distorting taxes
在三种标准货币模型中找出弗里德曼规则（名义利率为零）最优的条件，澄清了关于货币服务应否征税的误解，并揭示了该规则与公共财政中中间品结果之间的深层联系。
We find conditions for the Friedman rule to be optimal in three standard monetary models. Our main contribution is to shed light on two issues in the literature. First, the conventional view maintains that when money is a final good, its services should be taxed. Moreover, if money demand is interest-inelastic, its services should be taxed heavily. We show that this view is incorrect. Second, there is an ongoing controversy about whether the optimality of the Friedman rule is connected to the intermediate goods result from public finance. We resolve this controversy by showing a deep connection between these results.