Coexistence of money and interest-bearing bonds
构建了一个货币模型，其中代理人面临未来效用贴现率的异质性冲击，通过金融市场和商品市场的交易，发现货币稀缺性导致的金融效应可能超过商品市场效应，从而在最优政策下实现货币与有息债券的共存。
I construct a monetary model with agents that face idiosyncratic shocks to how they discount future utility. Once shocks are revealed, agents trade money for bonds in a financial market, then money for goods in a goods market, and finally move into the next time period. Away from the Friedman rule, money is scarce so that those who turn out to care little about the future, sell bonds at a discount to obtain money for immediate consumption—in the financial market, they reduce the savings value of their asset portfolio to obtain more liquid asset positions. This generates a net re-distribution of savings from agents that attach a low value to the future, to agents that attach a high value to the future. Ex-ante utility increases because losing savings when the future has low value, is dominated by receiving savings when the future has high value. The scarcity of money, however, leads to binding liquidity constraints in the goods market, which reduces ex-ante utility. The financial-market effect can dominate the goods-market effect, in which case the coexistence of money and interest-bearing bonds arises for an optimal policy.