ON THE ROLE OF TAX SUBSIDY SCHEME IN MONEY SEARCH MODELS*
在可分货币的搜寻模型中引入税收补贴方案，证明该方案能消除均衡的不确定性，使经济收敛到某个有效均衡，且补贴规模可任意小。
This article investigates the roles of policy in search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found in both specific and general search models with divisible money. Thus if we assume the divisibility of money, it would be quite difficult to make accurate predictions of the effects of simple monetary policies. Therefore, in this article, we introduce a certain tax subsidy scheme and show that this is effective in selecting a determinate efficient equilibrium. In other words, for a given efficient equilibrium and for any real number δ > 0 , a certain tax subsidy scheme induces a locally determinate equilibrium within the δ‐neighborhood of the given equilibrium. Moreover, the size of the tax subsidy can be arbitrarily small.