John Paul Heil, "The Blood of Jesus in Matthew: A Narrative-Critical Perspective", Perspectives in Religious Studies 18 (1991): 117-24
His conclusion (since there's no abstract):
Our investigation of the theme of the blood of Jesus in the Matthean narrative has led to the proposal of a new, additional meaning to the whole Jewish people's calling down of the blood of Jesus upon themselves and their children (27:25). The innocent "blood" of Jesus that all the Jewish people are willing to accept the full responsibility for shedding is the same "blood" that Jesus at his last supper designated as "my blood of the covenant, which will be shed for many for the forgiveness of sins" (26:28). Precisely and paradoxically because the whole Jewish people brought upon themselves the tragic "price" as well as the salvific "value" for shedding the innocent blood of Jesus as a "prophet" and the suffering "righteous one" of God, they make possible the forgiveness of the sins of all people, including Peter who wept bitterly in remorse after denying Jesus (26:59- 75), Judas who repented his sin of betraying Jesus' innocent blood (27:3-10), and the whole Jewish people who invoked his atoning blood upon themselves and their future generations.Update (1 March): link to this article added to Matthew: Books, Articles and Reviews page.