Endogenous Multiple Currencies
研究家庭可自主选择接受何种货币的模型，给出防止汇率不确定性的条件，并说明货币替代是货币存量高增长的内生反应。
In this paper I study a model in which households can decide which currency or currencies they will accept. I provide a simple set of assumptions that are sufficient to prevent the indeterminacy of the exchange rate in the sense of Kareken and Wallace (1981). In a two-country model, stable equilibria have either a single currency or national currencies. I also show currency substitution occurs as an endogenous response to high growth in the stock of a currency.