一元经济学的局限性-论货币作为潜在的交换媒介。

THE LIMITS OF ONETARY ECONOMICS:ON MONEY AS A LATENT MEDIUM OF EXCHANGE

作者：

里卡多·拉各斯（Ricardo Lagos）

张胜兴

We formulate a generalization of the traditional medium-of-exchange function of money incontexts where there is imperfect competition in the intermediation of credit, settlement, orpayment services used to conduct transactions. We find that the option to settle transactionsdirectly with money strengthens the stance of sellers of goods and services vis-á-visintermediaries. We show this mechanism is operative even for sellers who never exercise theoption to sell for cash, and that these "latent money demand" considerations imply monetarypolicy remains effective through medium-of-exchange channels even if the share of monetarytransactions is arbitrarily small.
在用于进行交易的信贷，结算或付款服务的中介不完全竞争的情况下，我们对货币的传统交换媒介功能进行了概括。我们发现，直接用货币结算交易的选择增强了商品和服务卖方相对于中介人的立场。我们表明，即使对于从未行使过以现金卖出期权的卖方而言，这种机制也是有效的，并且这些“潜在货币需求”的考虑意味着即使货币交易的份额很小，货币政策也可以通过交换媒介渠道保持有效。