Money and credit are ubiquitous in actual economies, but there is an active theoretical debate on whether they are both necessary if they can both be used in all transactions. Recently, Gu et al. (2016) have shown that money and credit cannot be simultaneously essential and debt limits do not matter for the determination of real allocations in a class of monetary economies. In this paper, we revisit their irrelevance result in a monetary economy based on Lagos and Wright (2005), which exhibits a misallocation of liquidity that is common in search models of money. We show that monetary loans, which naturally require the use of both money and credit, implement Pareto superior allocations in which the size of debt limits matters.

货币和信用在实际经济中无处不在，但是如果它们都可以用于所有交易，那么它们是否都是必要的，存在着积极的理论争论。最近，顾等人。(2016) 表明，货币和信贷不能同时是必不可少的，债务限额对于确定一类货币经济体的实际分配并不重要。在本文中，我们基于 Lagos 和 Wright (2005) 重新审视了它们在货币经济中的不相关性结果，该结果展示了在货币搜索模型中常见的流动性错误分配。我们表明，自然需要同时使用货币和信贷的货币贷款实施了帕累托优越分配，其中债务限制的规模很重要。