Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium
比较了三种市场结构（议价、价格接受和价格发布）下的货币经济均衡与政策效果，发现不同结构下通胀的福利影响差异显著，对货币经济学研究者有参考价值。
We compare three market structures for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We also extend work on the microfoundations of money by allowing a general matching technology and entry. We study how equilibrium and the effects of policy depend on market structure. Under bargaining, trade and entry are both inefficient, and inflation implies first-order welfare losses. Under price taking, the Friedman rule solves the first inefficiency but not the second, and inflation may actually improve welfare. Under posting, the Friedman rule yields the first best, and inflation implies second-order welfare losses. Copyright The Econometric Society 2005.