FROM PRIVATE BANKING TO CENTRAL BANKING: INGREDIENTS OF A WELFARE ANALYSIS*
扩展了Cavalcanti和Wallace的分析，证明即使允许政府通过外部货币进行转移支付并弱化惩罚，外部货币可实现的分配仍是内部货币的子集。
An earlier analysis of Cavalcanti and Wallace showing that the set of allocations achievable using outside (government) money is a subset of those achievable using inside (private) money is extended. Here, the class of outside‐money allocations is enriched by allowing the planner to make transfers in the form of outside money. At the same time, punishments for defection are weakened. It is shown that the subset result continues to hold, although for a different reason than in the Cavalcanti and Wallace analysis.