MONEY AND PRODUCT QUALITY UNDER ASYMMETRIC INFORMATION
在一个搜索理论货币模型中研究货币对产品质量和异质商品价格的影响，发现平等主义讨价还价下弗里德曼规则因信息不对称无法实现社会最优，且通胀可能提升产品质量。
Abstract This article examines the effects of money on product quality, as well as the price pattern of heterogeneous quality goods, in a search‐theoretical monetary model with divisible money and divisible commodities. We establish the existence and uniqueness/multiplicity of monetary equilibrium in several different cases. The steady‐state equilibrium of our model displays several properties that are absent or distinct from those of previous studies. In particular, we find that under egalitarian bargaining, the Friedman rule cannot achieve socially efficient allocation due to asymmetric information. We find that the price of informed high‐quality goods is higher than the price of uninformed quality goods. We also find that an increase in inflation can improve product quality.