BEYOND SEARCH: FIAT MONEY IN ORGANIZED EXCHANGE*
构建了一个法定货币模型，将空间分离和通信物流明确化，但交换由追求利润的企业组织。模型证明法定货币均衡存在且必要，为现金先行理论提供了基础。
A model of fiat money is constructed in which spatial separation and the logistics of communication are made explicit as in search theory, but exchange is organized by profit‐seeking business enterprises as in all market economies. Firms mitigate search costs by opening shops that are easily located. Equilibria may exist in which fiat money is used as a universal medium of exchange. When a monetary equilibrium exists, fiat money is essential. The model provides a foundation to cash‐in‐advance theory, without specifying in advance that one object will be used as the universal medium of exchange.