Money and Credit Redux
研究了货币和信贷作为支付工具在分散交易中的竞争关系，发现信贷宽松时货币无关紧要，信贷紧缩时货币不可或缺但信贷变得无关，信贷条件变化因实际余额内生调整而保持中性。
We analyze money and credit as competing payment instruments in decentralized exchange.In natural environments, we show the economy does not need both: if credit is easy, money is irrelevant; if credit is tight, money is essential, but credit becomes irrelevant.Changes in credit conditions are neutral because real balances respond endogenously to keep total liquidity constant.This is true for both exogenous and endogenous debt limits and policy limits, secured and unsecured lending, and general pricing mechanisms.While we show how to overturn some of these results, the benchmark model suggests credit might matter less than people think.