A note on the optimum quantity of money
通过一个例子说明，即使能实现传统的最优货币数量，由于负面的分配效应，这样做可能并非福利最大化。
In a model where agents use money to offset uninsurable idiosyncratic income fluctuation, Bewley (1983) has shown that it may be impossible to satiate the demand for money as recommended by the literature on the optimum quantity of money (Friedman, 1969). This note shows, by means of an example, that even when it is possible to implement the traditional optimum quantity proposal, it may not be welfare-maximizing to do so on account of a negative distribution effect.