Deposit Banks and the Market for Payment Media
建立了一个模型，分析银行如何为存款定价，以及消费者如何在不同的支付媒介之间选择。研究发现，货币使用的社会成本与个人成本之间的差异，可能会改变关于银行市场结构和税收的传统政策建议。
This paper develops a model of bank deposit pricing with optimal consumer choices of spending shares among alternative media of exchange. Interpreting deposits as a tie-in feature of the sale of bank payment services, the paper shows that the wedge between consumer and social costs of currency use may reverse typical prescriptions regarding bank market structure and distortionary taxes on banks. An explanation is offered for below-cost bank service fees, despite deregulated deposit interest rates, while rate ceilings are shown to induce substitution into payment media with higher social costs. Copyright 1992 by Ohio State University Press.