Money as a Unit of Account
研究经济中为何会出现一种主导记账单位，通过信用链中的随机匹配模型，说明使用主导记账单位能降低相对价格风险、减少违约并增加总剩余，并讨论了政府纸币作为主导记账单位的条件及最优货币区选择。
We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non-contingent contracts with a variety of business partners. Trade unfolds sequentially in credit chains and is subject to random matching. By using a dominant unit of account, agents can lower their exposure to relative price risk, avoid costly default, and create more total surplus. We discuss conditions under which it is optimal to adopt circulating government paper as the dominant unit of account, and the optimal choice of "currency areas" when there is variation in the intensity of trade within and across regions.