AN OPEN‐ECONOMY MODEL WITH MONEY, ENDOGENOUS SEARCH, AND HETEROGENEOUS FIRMS
构建了一个新的货币开放经济模型，其中企业因商品市场搜索摩擦而拥有市场势力，消费者通过内生搜索努力削弱这种势力，并分析了最优通胀率与搜索成本、企业进入成本和贸易成本的正向关系。
This paper describes a new monetary open‐economy model where firms have market power due to search frictions in the goods market, and endogenous search effort by consumers mitigates this market power. The optimal inflation rate generally depends positively on the cost of search effort, the cost of firm entry, and the cost of trade. Higher inflation always improves a country's terms‐of‐trade against its trading partners. I also characterize a general class of matching processes which offer a novel approach to modeling firm sales.