Money and Credit Coexistence, Excess Capacity, and the Size of Monetary Aggregates
构建了一个模型，解释货币为何在信贷充裕时仍被持有，并通过商品市场的搜索摩擦导致产能和支出闲置，从而内生决定货币总量与生产率缺口。
Abstract This paper develops a model where money is demanded in excess of spending needs. As a result, money coexists with large availabilities of credit and the model explains the levels of monetary aggregates held in modern economies via the endogenous creation of inside money. At the heart of the model, there is a search friction in the goods market, which generates spare production and spending capacity. As a consequence, there is an endogenous productivity wedge, due to spare production capacity, and an endogenous money velocity, due to spare spending capacity.