On the Consumers' Surplus of Money Holders and the Measuring of Money's Services
比较了用名义利率和通胀率构建货币需求曲线时产生的消费者剩余度量差异，通过两期消费优化模型论证通胀率作为价格能给出正确的福利度量。
This paper begins by examining the different consumer-surplus measures which are implied by the two alternative prices used in constructing money demand schedules: a nominal interest rate and the inflation rate. The welfare implications of a simple two-period, consumer-optimization model are examined in detail and it is concluded that a schedule with the inflation rate as price will give correct welfare measures. The two-period analysis and the discussion of its extensions to more periods are found to shed light on the accuracy of using a nominal interest rate to measure the marginal value of money's services. Copyright 1987 by Ohio State University Press.