Money Inventories in Search Equilibrium
放松了基础搜索模型中货币持有量上限的假设，允许代理人无限积累货币，刻画了货币的稳态分布，并发现货币的边际期望效用递减且存在内生的持有上限。
The paper relaxes the one unit storage capacity imposed in the basic search-theoretic model of fiat money with indivisible real commodities and indivisible money. Agents can accumulate as much money as they want. It characterizes the stationary distributions of money and shows that for reasonable parameter values (e.g. production cost, discounting, degree of specialization) a monetary equilibrium exists. There are multiple stationary distributions of a given amount of money, which differ in their levels of economic activity and welfare. The model reveals two essential features of money. First, the marginal expected utility of money decreases. Second, there exists an endogenous upper bound on the money holdings: agents willingly produce and sell for money up to this bound and refuse to do so if their money holdings exceed this bound.