AVOIDING THE INFLATION TAX*
研究通货膨胀如何影响买家在Lagos-Wright货币经济中的购买行为，提出买家只能偶尔调整货币持有量的扩展模型，发现高通胀会促使买家提前消费并更积极寻找交易，从而造成贸易扭曲。
I study the effects of inflation on the purchasing behavior of buyers in the Lagos–Wright monetary economy. The standard framework fails to capture the long‐standing intuition that when inflation increases, agents try to spend their money holdings speedily. I propose a simple, realistic extension in which buyers can rebalance their money holdings only sporadically (i.e., not every period). I show that, in such a case, higher inflation can induce buyers to spend their money faster by frontloading their consumption and searching more intensively for transactions. These trade distortions have, traditionally, been associated with the economic costs of inflation.