THE DISTRIBUTION OF MONEY BALANCES AND THE NONNEUTRALITY OF MONEY*
扩展了具有微观基础的货币模型，通过引入两轮交易来研究货币分布效应，发现对称的货币注入可能提高短期产出和福利，而非对称注入可能提高长期产出和福利。
Recent monetary models with explicit microfoundations are made tractable by assuming that agents have access to centralized markets after one round of decentralized trade. Given quasi‐linear preferences, this makes the distribution of money degenerate—which keeps the models simple but precludes the discussion of distributional effects of monetary policy. We generalize these models by assuming two rounds of trade before agents can readjust their money holdings to study a range of new distributional effects analytically. We show that unexpected, symmetric lump‐sum money injections may increase short‐run output and welfare, whereas asymmetric injections may increase long‐run output and welfare.