THE DISTRIBUTION OF MONEY AND PRICES IN SEARCH EQUILIBRIUM*
构建了一个搜索理论模型，研究双边交易中货币和商品数量的讨价还价如何内生决定货币与价格的分布。发现货币供给通过比例转移时货币中性，而一次性转移下通胀率低时扩大货币增速会降低财富和价格分散度并改善福利，高通胀时则相反。
This article considers a search‐theoretic model of monetary exchange. Agents bargain over both the amount of money and the quantity of goods to be exchanged in bilateral meetings, determining endogenously the distributions of money and of prices. I show that money is neutral if changes in the money supply are accomplished via proportional transfers. However, within the class of lump‐sum transfers, an increase of the rate of monetary expansion tends to decrease the dispersion of wealth and prices and to improve welfare when inflation is low; but when inflation is high enough, the opposite effects occur.