Is Nonprice Competition in Currency Inefficient?
反驳了非利息货币的竞争性生存意味着非价格竞争浪费资源的观点，认为市场力量会促使发行者实现价格与非价格竞争的有效组合，并在经济成本排除利息支付时，非价格竞争仍可保持效率。
Some economists believe that the competitive survival of noninterest-bearing currency--the absence of price competition from markets for stored-value cards, banknotes, and token coins--implies a waste of resources on nonprice competition. The authors argue to the contrary that market forces drive issuers toward an efficient mix of price and nonprice competition. Where economic costs (rather than legal restrictions) rule out the delivery of interest on currency, competition exclusively along nonprice dimensions is consistent with efficiency. The authors graphically illustrate such a case.