Money, Bonds, and the Liquidity Trap
用搜索模型研究货币与公共债券，发现协调摩擦导致多重均衡，其中一种均衡类似流动性陷阱，货币与债券完全替代，利率为零，货币政策无效。
Abstract This paper examines a search model of money and public bonds in which coordination frictions lead to multiple, Pareto ranked equilibria. Whether money and bonds are substitutes or complements, is not a primitive of the economy, but an equilibrium outcome. There exists an equilibrium resembling a liquidity trap, in which money and bonds are perfect substitutes, interest rates are zero, and monetary policy is ineffective; and a superior equilibrium in which money and bonds are complements, interest rates are positive and monetary policy has a liquidity effect. On this view, the liquidity trap is a belief‐driven phenomenon.