ON THE WELFARE EFFECTS OF CREDIT ARRANGEMENTS
研究了信贷安排如何影响社会福利，发现竞争市场中信贷可能因推高价格而损害货币使用者福利，但最优交易机制可通过价格歧视和非线性定价逆转这一效应。
Abstract This article studies the welfare effects of credit arrangements and how these effects depend on the trading mechanism and inflation. In a competitive market, credit arrangements can be welfare reducing, because high consumption by credit users drives up the price level, reducing consumption by money users who are subject to a binding liquidity constraint. By adopting an optimal trading mechanism, however, these welfare implications can be overturned. Both price discrimination and nonlinear pricing are essential features of an optimal mechanism.