Currency and Credit are Equivalent Mechanisms
研究一个纯交换经济，其中消费者的边际效用随机异质且独立于财富，边际效用为私人信息。作者证明货币与信用等价于一种在信息隐私约束下有效的合约，且现金先行约束是激励约束的一种表达。
I study a pure exchange economy with many agents whose marginal utility of consumption is stochastically heterogeneous and independent of wealth, with realized marginal utility of wealth private information. I show that currency and credit are equivalent to a contract that is efficient when the privacy of information is viewed as a constraint, and that the cash in advance constraint is an expression of an incentive constraint.