Inside and Outside Money as Alternative Media of Exchange
通过随机匹配模型比较内部货币（银行券）与外部货币（如法定货币）的福利效果，发现内部货币能实现更优的资源配置，对研究货币制度设计的经济学者有参考价值。
We study a random matching model of money in which a subset of people, called bankers, have known histories and the rest, called nonbankers, have unknown histories. Earlier, we showed that if there are no outside assets, then an optimal arrangement has bankers issuing objects, banknotes, that are used in trades involving nonbankers. Here, the same model is used to compare such exclusive use of inside money to the exclusive use of outside money. We show that the set of implementable outcomes using outside money is a strict subset of the set using inside money.