Search, Money, and Prices
研究货币作为交换媒介时，不同均衡下货币价值如何影响经济活动水平，发现高货币价值均衡中交易更活跃、产量更高，且该结果不依赖匹配技术的规模报酬递增。
It is well known that models in which money is used as a medium of exchange to lubricate trading, frictions display multiplicity of equilibria. I show that the amount of activity varies as the value of money differs across these equilibria when production opportunities involve random fixed costs. When money has high value, trade is more profitable; therefore, there will be more agents engaged in trade relative to equilibria in which money has lower value. The higher‐activity equilibria display higher production not only because more is produced and exchanged per transaction but also because more transactions occur per period. This Diamond‐style result is obtained without increasing returns in the matching technology.