Inflation and Efficiency in Search Markets
研究通货膨胀如何影响垄断竞争搜索市场的效率与产出，分析了价格离散、资源投入增加以及企业退出等效应，并指出效率影响取决于偏好、市场结构及搜索成本与消费者剩余的相对大小。
This paper examines how inflation affects efficiency and output in monopolistically competitive search markets. It formalizes the conventional wisdom linking higher inflation, price dispersion, and increased resources devoted to search. It also brings to light the induced exit of Arms, which reduces rent dissipation. But the most important effect of inflation is how it alters the distribution of real transactions prices. Whether this reduces or promotes efficiency and output is shown to depend critically on preferences and market structure, and especially on whether search costs are large or small relative to consumer surplus.