Money and Collateral
构建了一个模型，说明抵押货币贷款作为交易工具的必要性，以及货币与私人债务在信息与承诺限制下的互补作用，并指出公共债务在抵押品稀缺时的社会价值。
Abstract This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools in an environment with informational and commitment limitations. Public debt may play a socially beneficial role when collateral is scarce.