A Tractable Monetary Model under General Preferences
研究在搜索摩擦下同时存在集中和分散货币交易的经济，在包括常替代弹性等广泛偏好下得到退化资产分布，并发现通胀的福利和增长损失可能远高于以往估计。
This article studies an economy with both centralized and decentralized monetary exchanges under search frictions. A degenerate asset distribution is featured under a broad class of preferences including, for example, constant return to scale, constant elasticity of substitution, CARA and others from a range of macroeconomic literatures. Some novel applications impossible under quasi-linear preferences, for example endogenous growth, are illustrated under this class of preferences. This article finds that the welfare cost and growth loss of inflation can be much higher in these applications than previous estimates.