A Unified Framework for Monetary Theory and Policy Analysis
提出一个基于微观基础的货币理论框架，可量化分析宏观政策，校准后测算出将通胀从10%降至0%可带来3%至5%的消费收益，高于此前估计。
Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strong assumptions that render them ill suited for monetary policy analysis. We propose a new framework, based on explicit micro foundations, within which macro policy can be studied. The framework is analytically tractable and easily quantifiable. We calibrate the model to standard observations and use it to measure the cost of inflation. We find that going from 10 percent to 0 percent inflation is worth between 3 and 5 percent of consumption—much higher than previous estimates.