Payments Systems with Random Matching and Private Information
构建了一个动态风险分担模型，其中代理人随机配对且存在禀赋的私人信息，通过信贷交易和货币交换实现风险分担。研究发现弗里德曼规则最优，通胀对消费和财富分布的影响在美国数据下较小，但在信贷系统不发达时影响较大。
A model of dynamic risk-sharing is constructed where agents meet pairwise and at random, and there is private information about endowments. Risk sharing is accomplished through dynamic contracts involving credit transactions and through monetary exchange. A Friedman rule is optimal, and solutions are computed. The welfare costs of inflation and the effects of inflation on the distribution of consumption and wealth are small for an economy calibrated to U.S. data. However, these effects are large when the credit system is relatively unsophisticated.