Does and Should a Commodity Medium of Exchange Have Relatively Low Storage Costs?
在Kiyotaki-Wright模型框架下构建了一个所有代理人使用混合策略的均衡，证明存储成本更高的物品反而具有更高的可接受性，从而解释了货币收益率低于其他资产的现象，并指出在存储成本相近时该均衡帕累托优于其他均衡。
I provide new existence and welfare results for a version of the Kiyotaki‐Wright model. I construct an equilibrium where all agents use mixed strategies. Consequently, an object with a higher storage cost must have a higher acceptability. Therefore, the endogenous transaction pattern corresponds to the observation that money is dominated in rate of return by other assets (e.g., bonds), something that is a central issue in monetary economics. Furthermore, at least in a neighborhood of equal storage costs, the equilibrium that I construct Pareto dominates alternative equilibria in which better objects are widely accepted.