We study an economy in which money and credit serve as a means of payment and the settlement of credit requires money. The model extends recent developments in microfounded monetary theory to address the choice of payment methods and the effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate. In particular, inflation not only makes money less valuable, but also makes credit more expensive because of the delayed settlement. The model predicts that either very low inflation or very high inflation hampers the use of credit.

中文翻译：

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金钱和昂贵的信贷

我们研究的经济是货币和信用作为支付手段，而信用结算需要货币。该模型扩展了微观货币理论的最新发展，以解决支付方式的选择和通货膨胀的影响。买家使用货币还是信贷取决于信贷的固定成本和通货膨胀率。特别是，通货膨胀不仅使货币贬值，而且由于延迟结算，还使信贷更加昂贵。该模型预测，非常低的通货膨胀或非常高的通货膨胀都会阻碍信贷的使用。