Credit and Money in a Search Model with Divisible Commodities
在可分商品搜索模型中研究货币与信贷的竞争，发现即使货币收益率低于信贷，它仍有价值；两者共存时效率更高，且能消除弱无效均衡。
This paper examines the competition between money and credit in a search model with divisible commodities. It is shown that fiat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition between money and credit increases efficiency. The monetary equilibrium with credit Pareto dominates the monetary equilibrium without credit whenever the two coexist. When a credit is repaid with money, the competition also bounds the purchasing power of money from below by that of credit and so eliminates the weak inefficient monetary equilibrium found in previous search models. With numerical examples, three different monetary equilibria are ranked and the properties of the interest rate are examined.