本文透過貨幣搜尋模型來了解資產流動性的重要。以貨幣搜尋模型為基礎,將 Lagos and Wright (2005)及 Berentsen, Camera and Waller (2007)的模型加以延伸,探討流動性、利率與資本淨值的關係。我們發現在只有貨幣存在的環境中,若貨幣當局採取 Friedman 法則,社會無法達到最適。通貨膨脹造成貨幣購買力降低與產出減少,而企業的資本淨值多寡,也會影響產出的大小。加入固定資產後發現,固定資產價值的大小,影響企業的資本淨值多寡。模型中假設資產不能交易,也不能作為抵押品,所以對於交易沒有影響,對生產與消費也沒有任何幫助。而企業手中所持有流動性高的資產,也就是現金,成為企業是否能順利營運的關鍵,這也更顯示出資產流動性的重要。
This paper use the search-based monetary model to study the relationship between liquidity, interest rates and net worth. We first consider an economy where money is the only means of payment. It is shown that Friedman rule does not achieve social optimality because there exists an exogenous inefficiency during the production process. We show that inflation hurts the real value of money and the net worth matters for production. Second, we consider economy with money and a fixed asset. Although the value of assets affects net worth, it does not help transactions between buyers and sellers. Therefore, the cash an agent holds is a key to production and consumption. We thus show that the liquidity of the assets matters, not the value of net worth.