MONEY AND BANKING IN SEARCH EQUILIBRIUM*
基于金匠保管存款、负债流通和放贷的历史，构建货币与银行理论，分析现金和支票作为支付手段的均衡，发现银行扩大了货币被接受的参数范围，货币与银行互补。
We develop a new theory of money and banking based on the old story in which goldsmiths start accepting deposits for safe keeping, then their liabilities begin circulating as media of exchange, then they begin making loans. We first discuss the history. We then present a model where agents can open bank accounts and write checks. The equilibrium means of payment may be cash, checks, or both. Sometimes multiple equilibria exist. Introducing banks increases the set of parameters for which money is valued–thus, money and banking are complements. We also derive a microfounded version of the usual money multiplier.