Efficiency and the Value of Money
在一个货币模型中，如果存在唯一的帕累托低效的物物交换均衡，那么当交易者足够有耐心时，货币均衡就会存在。
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, then a monetary equilibrium exists when traders are sufficiently patient.