Separation of Unit of Account from Medium of Exchange
研究商品货币体系中记账单位与交换媒介的分离，分析卖方选择记账单位的条件，发现分离均衡导致灵活名义价格，而整合均衡导致价格粘性，对理解法定货币体系的价格刚性有启示。
The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.