Money: A Market Microstructure Approach
用市场微观结构方法论证，即使金融创新和放松管制，作为记账单位的共同交换媒介仍不可或缺，并用外汇市场数据支持这一结论。
The new monetary economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign exchange markets.