Government Transaction Policy, the Medium of Exchange, and Welfare
在Kiyotaki–Wright交换媒介模型中嵌入政府交易政策，分析政府接受什么货币对经济的影响。研究发现，政府偏向法币的政策会消除一个较差的非货币稳态，但也会消除一个更好的货币稳态。
Policy regarding what the government accepts in transactions is embedded in a version of the Kiyotaki–Wright model of media of exchange. In an example with two goods and one fiat money, the policies that are consistent with fiat money as the unique medium of exchange are identified. These policies have the government favoring fiat money in its transactions. A benefit and a cost accompany any such policy. The benefit is that a worse nonmonetary steady state is eliminated; the cost is that a better monetary steady state is eliminated.Journal of Economic LiteratureClassification Number: E40.