加拿大央行：关于货币必要性验证的一种实验方法-44页_3mb

Bank of Canada staff working papers provide a forum for staff to publish work-in-progress research independently from the Bank's Governing Council, and the views expressed may differ from official Bank of Canada views. This staff working paper examines whether monetary exchange is essential in monetary models with a finite horizon. The paper explores the conditions under which fiat currency significantly enhances production and welfare in a finite-horizon model. Experimental results demonstrate that the introduction of money leads to substantial increases in production, especially in environments where monetary exchange is an equilibrium outcome (Model M), compared to situations where no monetary equilibrium exists (Model N). Strategy recommendations improved outcomes only when they were incentive-compatible. Exit surveys and preference measures provide insights into anomalous behavior, which may stem from social preferences or inference errors. The findings are largely consistent with theory, supporting the notion that money is essential under specific conditions.

Key Findings:

• Fiat currency increases production and welfare in Model M (monetary equilibrium exists) but not in Model N (no monetary equilibrium).
• Strategy recommendations have a significant impact only when incentive-compatible.
• Social preferences and inference errors explain some deviations from theoretical predictions in Model N.
• Experimental design elements reduce repeated-game effects, aligning with theory more closely.