INFLATION, OUTPUT, AND WELFARE*
在搜索理论框架下研究预期通胀对总产出和福利的影响，比较了讨价还价和竞争定价两种机制，发现弗里德曼规则能实现有效配置，通胀总是降低福利，但对产出的影响取决于通胀率高低。
We study the effects of anticipated inflation on aggregate output and welfare within a search‐theoretic framework. We consider two pricing mechanisms: ex post bargaining and a notion of competitive pricing. Under bargaining, the equilibrium is generically inefficient and an increase in inflation reduces buyers' search intensities, output, and welfare. If prices are posted and buyers can direct their search, search intensities are increasing with inflation for low inflation rates and decreasing for high inflation rates. The Friedman rule achieves the efficient allocation, and inflation always reduces welfare, although it can have a positive effect on output for low inflation rates.