A group of people wishes to use money to exchange goods efficiently over several time periods. However, there are disadvantages to using any of the goods as money, and in addition fiat money issued in the form of notes or coins will be valueless in the final time period, and hence in all earlier periods. Also, Walrasian market prices are determined only up to an arbitrary rescaling. Nevertheless we show that it is possible to devise a system which uses money to exchange goods and in which money has a determinate positive value. In this system, tokens are initially supplied to all traders by a central authority and recovered by a purchase tax. All trades must be made using tokens or promissory notes for tokens. This mechanism controls the flow rather than the stock of money: it introduces some trading frictions, some redistribution of wealth, and some distortion of prices, but these effects can all be made small.

翻译：一群人希望在一段时期内利用货币高效地交换商品。然而，以任何一种商品作为货币都存在弊端，此外，以纸币或硬币形式发行的法定货币在最终时期将毫无价值，因此在此前的所有时期也是如此。同时，瓦尔拉斯市场价格的确定仅具有任意的缩放性。尽管如此，我们表明可以设计一种系统，该系统使用货币交换商品，且货币具有确定的正值。在该系统中，代币最初由中央机构提供给所有交易者，并通过购买税回收。所有交易必须使用代币或代币期票进行。该机制控制的是货币的流量而非存量：它引入了一些交易摩擦、一些财富再分配以及一些价格扭曲，但这些影响均可控制在较小的范围内。