Inflation And Efficiency In A Search Economy*
构建模型，分析货币通胀如何通过提高持币成本、破坏长期客户关系，从而降低市场效率和福利。
We present a model in which purely monetary inflation systematically affects efficiency, welfare, and relative prices. The model focuses on the microeconomics of trade in search markets under inflation. Inflation, by increasing the cost of holding money, undermines the market's ability to sustain long‐term customer relationships. Because those relationships generate the most efficient transactions patterns, overall welfare unambiguously declines.