Return on Commodity Money, Small Change Problems, and Fiat Money
构建了一个商品货币的搜索理论模型，分析银币的回报率如何导致找零问题（交易过多或硬币短缺），并说明法定货币系统可避免此类效率损失。
We construct a search‐theoretic model of commodity money where a penny is an indivisible silver coin that can be either melted into a silver bar yielding a positive return or used as a medium of exchange. In equilibria where the rate of return on silver is sufficiently high, small change problems arise in the form of too‐much‐trade inefficiency because of a too‐high value of a penny and no‐trade inefficiency because of a shortage of coins in circulation. In the fiat money system, however, trades are not affected at all by the rate of return on silver and the value of a penny is determined by its medium‐of‐exchange role without incurring the loss in efficiency due to small change problems.