Frictional Goods Markets: Theory and Applications
分析了知情买家进行有方向搜索、不知情买家进行随机搜索的动态一般均衡模型，通过校准发现通货膨胀的福利成本较低，因为通胀在增加成本的同时也通过加重对利用不知情买家牟取暴利的高价卖家的税收而带来好处。
Abstract We analyse dynamic general equilibrium models with more-or-less directed search by informed buyers and random search by uninformed buyers. This nests existing specifications and generates new insights. A quantitative application concerns the welfare cost of inflation, which is known to be quite high with pure random search and low with pure directed search. Our calibration implies the impact of inflation is fairly low, in part because, in addition to the usual costs, it provides benefits by more heavily taxing high-price sellers that inefficiently profit from exploiting the uninformed. Other applications analyse analytically and numerically changes in credit conditions and information.