Money and Costly Credit
研究货币和信贷作为支付手段的经济，信贷结算需要货币，模型分析通胀如何影响支付方式选择，发现极低或极高通胀都会抑制信贷使用。
Abstract We study an economy in which money and credit serve as a means of payment and the settlement of credit requires money. The model extends recent developments in microfounded monetary theory to address the choice of payment methods and the effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate. In particular, inflation not only makes money less valuable, but also makes credit more expensive because of the delayed settlement. The model predicts that either very low inflation or very high inflation hampers the use of credit.