A Rudimentary Random-Matching Model with Divisible Money and Prices
扩展了Kiyotaki和Wright的货币搜索模型，允许代理人持有任意数量的可分货币，发现存在连续统的稳态均衡，且更高的实际货币存量对应更高的福利。
We consider a version of Kiyotaki and Wright's monetary search model in which agents can hold arbitrary amounts of divisible money. A continuum of stationary equilibria, indexed by the aggregate real money stock, exists with all trading occurring at a single price. There is always a maximum level of the real money stock consistent with existence of such an equilibrium. In the limit as trading becomes faster relative to discounting, any real money stock becomes feasible in such an equilibrium. In contrast to the original Kiyotaki–Wright model, higher equilibrium real money stocks unambiguously correspond to higher welfare in this costless-production environment.Journal of Economic LiteratureClassification Numbers: D51, E40.