Inventory‐Theoretic Money Demand and Relative Price Dynamics
构建了一个两商品库存理论货币需求模型，发现货币紧缩时低现金密集度商品（耐用品、奢侈品）价格下降快于高现金密集度商品（非耐用品、必需品），并用美国数据验证了模型预测。
We construct a two‐goods inventory‐theoretic money demand model and find that the model implies, in a monetary contraction, the decline in the prices of low cash‐intensity goods, durables, or luxuries outpaces that of high cash‐intensity goods, nondurables, or necessities. Using U.S. data, we show that our model’s predictions are consistent with the data.