Money and Banking in a Cash-in-Advance Economy
在一个随机一般均衡模型中研究银行与金融创新，区分只能用现金购买的现金商品和可用支票购买的支票商品，分析支付结构变化、银行准备金要求及准备金供给对价格水平波动的影响。
This paper studies banking and financial innovations in a stochasti c general equilibrium model, assuming the existence of two distinct types of goods: cash goods, which can only be purchased by cash, and check goods, which can also be purchased by checks drawn against interest-bearing bank accounts. The authors analyze the effects of changes in the payment s structure (i.e., the share of check goods), reserve requirements on banks, and changes in the supply of reserves. The authors find, e.g., that an increased share of check goods and a decrease of the bank reserve ratio in general both lead to a decrease in the variance of the price level. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.