The Optimum Quantity of Money in a Stochastic Economy
探讨在存在经济整体和个体特定风险时，弗里德曼关于价格水平应以时间偏好率下降的主张需修正，并检验了比尤利关于修正后通缩率应大于时间偏好率的猜想。
Individuals in a monetary economy face,both economy-wide and individualspecific risks. Friedman's (1969) assertion that the price level should fall at the rate of time preference must be modified when such risks are present. Bewley's (1983) conjecture that the modified deflation should proceed at a rate greater than the rate of time preference is demonstrated to be true in special cases but false in general. Moreover, the indeterminacy of equilibrium Bewley found is eliminated by the inclusion of a transactions demand for money.