A Model of Fiat Money and Barter
构建了一个包含资本的无限期模型，分析法定货币与物物交换作为两种竞争性支付手段的均衡，发现芝加哥规则足以实现帕累托效率，而名义利率平滑是必要条件。
We present an infinite horizon model with capital in which fiat money and barter are two competing means of payment. Fiat money has value because barter is limited by the extent of a double coincidence of wants. The pattern of exchange generally involves both money and barter. We find that the Chicago rule is sufficient for Pareto efficiency, while nominal interest smoothing is necessary. For a specific utility function we provide a complete characterization of the patterns of exchange and calculate the range of inflation rates over which a stationary monetary equilibrium exists.Journal of Economic LiteratureClassification Numbers: D51, E42, E52.