Notes on the Microfoundations of Monetary Economics
区分了货币交换制度与货币资产、市场实验与个体实验，指出交换媒介是货币的本质功能，货币经济学的微观基础应基于市场分析而非个体分析。
It is important to keep two closely related distinctions in mind when discussing the microeconomics of money: that between the social arrangement known as monetary exchange, and those assets known as money; and that between what Patinkin (1957) called the market experiment and the individual experiment. Money is a means of exchange, a unit of account, and a store of value, though many items that do not serve as means of exchange make admirable stores of value, while it is also possible to have prices stated and accounts kept in terms of units of something other than the economy's means of exchange. Thus the means of exchange function is the sine qua non of money, and a satisfactory micro‐economic foundation for the study of monetary phenomena must therefore be grounded in the analysis of a market rather than an individual experiment. In microeconomics we usually begin with the...