Safe Assets as Commodity Money
构建了一个模型，将安全资产视为风险资产交易中的交换媒介，连接了银行金融学中的安全资产文献与货币经济学中的商品货币、付息货币和私人货币创造文献，发现安全资产供应变化影响市场效率，且存在过度生产问题。
Abstract This paper presents a model in which safe assets are systemic because they are the medium of exchange in risky assets. It connects the literature from banking and finance on safe assets to the monetary literature on alternative monetary systems involving commodity money, interest bearing money, and private money creation. Because safe assets have intrinsic value, changes in their supply lead to changes in market efficiency. Additionally, because safe assets are costly to produce, there is overproduction of safe assets relative to the social optimum. When the model is calibrated to plausible liquidity premiums the resulting inefficiencies are not large.