Indivisible Assets, Equilibrium, and the Value of Intermediation
研究存在不可分割资产和交易成本的货币经济，发现资产不可分割时稳态均衡众多，而中介能大幅减少均衡数量并增强价格灵活性，同时指出传统中介产出指标与消费者剩余无关。
This paper considers a standard monetary economy with indivisible primary assets and transaction costs. When assets are indivisible, if a steady-state equilibrium with positive savings exists, there necessarily exists a very large set of equilibria. The intermediation of indivisible assets substantially reduces the set of competitive equilibria, and enhances the "flexibility" of prices. We state sufficient conditions for intermediaries to form and hold all primary assets directly. We define and analyze various measures of the consumer surplus created by intermediaries. We show that conventional measures of intermediary output bear no obvious relation to the consumer surplus created by intermediation. Journal of Economic Literature Classification Numbers: E40, G20.