A search-theoretic approach to monetary economics
用搜寻理论模型分析货币作为交换媒介的功能，解决了纯物物交换中的需求双重巧合问题，并探讨了货币对福利的促进作用、专业化与货币交换的互动以及多种法定货币共存的可能性。
The essential function of money is its role as a medium of exchange. The authors formalize this idea using a search-theoretic equilibrium model of the exchange process that captures the "double coincidence of wants problem" with pure barter. One advantage of the framework described here is that it is very tractable. The authors also show that the model can be used to addre ss some substantive issues in monetary economics, including the potenti al welfare-enhancing role of money, the interaction between specializat ion and monetary exchange, and the possibility of equilibria with multip le fiat currencies. Copyright 1993 by American Economic Association.