MONEY IS PRIVACY*
探讨货币在提供隐私方面的作用，指出现金交易不暴露购买者身份而信用交易会，即使在信息免费时货币也可能优于信用。
An extensive literature in monetary theory has emphasized the role of money as a record‐keeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information and thus the cost of credit‐based transactions continues to fall. In this article we investigate another use for money, the provision of privacy. That is, a money purchase does not identify the purchaser, whereas a credit purchase does. In a simple trading economy with moral hazard, we compare the efficiency of money and credit, and find that money may be useful even when information is free.