WEALTH AS A SIGNAL IN THE SEARCH MODEL OF MONEY*
研究财富（货币持有量）能否作为生产者生产高质量产品能力的信号，发现这种信号效应会导致更不平等的财富分配和更低的福利。
This article investigates the possibility that wealth (holdings of money) serves as a signal of the ability to produce high‐quality products for agents who cannot directly observe the quality of the products. A producer's wealth may advertise past success in selling products to agents who knew the producer's ability and thus signal its ability. This analysis shows that such signaling effects may arise in equilibrium and may lead to more unequal distributions of wealth and lower welfare than would otherwise arise.