On the Existence of Optimal Stationary Equilibria with a Fixed Supply of Fiat Money: I. The Case of a Single Consumer
在代际交叠模型中推广萨缪尔森的分析，证明若法定货币供给固定且允许发行债券，则至少存在一个稳态均衡能实现帕累托最优配置，对研究货币与福利关系的学者有参考价值。
This paper generalizes Samuelson's well-known analysis concerning the use of fiat or outside money to support Pareto-optimal allocations in an overlapping- generations framework. While maintaining an elementary demographic structure butexpanding the list of available commodities in each period, we establish the following result: If there is a fixed supply of fiat money, and individuals are also permitted to issue bonds or inside money, then there always exists at least one stationary equilibrium yielding a Pareto-optimal allocation.