MONEY AS A MECHANISM IN A BEWLEY ECONOMY*
研究现货交易货币经济的效率性质，证明在极度耐心的代理人能积累足够货币实现完全自我保险时，货币现货交易是事前近似有效的，并举例说明非货币机制或通胀机制可能更优。
We investigate the efficiency property of a monetary economy with spot trade. We prove a conjecture that is essentially due to Bewley ( Models of Monetary Economics (1980); Econometrica 51 (1983), 1485–504). The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents can accumulate large enough money stocks to be completely self‐insured. We also study examples where a nonmonetary mechanism is preferred ex ante to any monetary mechanism in a stationary environment, and where an inflationary monetary mechanism is preferred ex ante to a laissez‐faire or deflationary monetary mechanism in an environment with impatient agents.