A Note on Sunspot Equilibria in Search Models of Fiat Money
探讨在法币搜寻模型中是否存在太阳黑子均衡，即货币价值随外部随机事件波动而经济基本面不变的情况，并给出肯定答案。
Search models can generate an endogenous role for fiat money, in the sense that there exist equilibria where intrisically useless, unbacked, paper currency is valued due to its function as a medium of exchange. In this note, I ask if there exist sunspot equilibria in these models, where the value or acceptability of money fluctuates along with extrinsic random events even though the fundamentals of the economy are deterministic and time invariant. The answer is yes. Journal of Economic Literature Classification Numbers: C70, E40.