Currency Exchange in a Random Search Model
采用搜索理论的一般均衡方法，研究两国家两货币模型中的外汇交易，发现某些参数下存在纯策略均衡，其中商品货币交易主要通过本币进行，同时存在活跃的货币兑换。
This paper investigates foreign exchange trading, a phenomenon that typically accompanies international trade. A search-theoretic general equilibrium approach is adopted to study a two-country, two-currency model. For some parameter values of the model, there exist some pure-strategy equilibria in which commodity-currency trade is conducted primarily through local currency and in which there is active currency-currency exchange. The coexistence of valued foreign currency and its local non-acceptability conforms largely with the country-specific cash-in-advance constraint that is often assumed exogenously in international finance literature.