On Market Activity and the Value of Money
在一个随机匹配的货币经济中，低效率卖家会抬高价格，导致市场参与度高低两种均衡并存；低效率卖家增加交易频率降低消费风险，但降低货币价值抬高价格，可能损害交易效率。
In a random-matching monetary economy, efficient and inefficient sellers choose between home or market production. Since inefficient sellers bargain up their prices, two equilibria may exist - with high or low market participation - depending on extent of heterogeneity and frictions. In equilibrium, the presence of inefficient sellers in the market has two opposing effects. It raises trading frequencies, so it lowers consumption risk, but it lowers the value of money, raising prices. This may reduce trading efficiency. Equilibria with full and limited participation can coexist; when average efficiency is high and agents are patient, limited participation is socially preferable.