Liquidity, Quality, Production Cost, and Welfare in a Search Model of Money
构建了一个货币搜寻模型，分析货币供给增加如何通过固定成本差异影响高质量产品的生产，进而影响社会福利。
This paper examines a search model of money with divisible commodities of high and low quality, while keeping the assumptions of indivisible money and unit‐inventory constraint. With no direct barter and a higher fixed cost of producing high relative to low quality, an increase in the money stock encourages the production of high‐quality output by trading off the larger trading opportunities against the significance of higher fixed cost. As long as the fixed‐cost differential between high and low quality is sufficiently small relative to the utility gain from high‐quality consumption, the quality improvement outweighs the negative effect of higher money stocks on aggregate production, and hence implies higher welfare.