Money and the Terms of Trade
用一个价格灵活、货币用于交易的简单均衡模型，分析货币如何影响贸易条件。模型假设家庭偶尔去金融机构，且去的时间不同，这使货币政策在固定和浮动汇率下都能影响产出，且浮动汇率下扩张性货币会恶化贸易条件。
This paper examines the connection between money and the terms of trade in the context of a simple monetary equilibrium model with flexible prices. Money is held for transactions purposes. Because carrying out financial transactions is costly, households visit their financial intermediaries only occasionally. An important feature of the model is that different households visit the financial intermediaries at different times. This is sufficient to ensure that even though the model features perfect foresight and competitive markets, monetary policies affect output under both fixed and flexible exchange rates. Moreover, in the latter regime expansionary monetary policies tend to worsen the terms of trade while this is not the case under fixed exchange rates.