在很多資產泡沫的案例中，我們發現貨幣供給與信用皆伴隨資產價格飆漲而增加；但其通貨膨脹問題卻不嚴重。這似乎與傳統貨幣理論之概念─高貨幣成長刺激通膨─有所抵觸。我們推論在資產價格飆升時，民眾會增加其持有之貨幣以待適當時機購買資產，此種融通金融商品的貨幣即為俗稱之「游資」。游資增加將吸收部份貨幣擴張，因而減少最終流入商品市場的貨幣，緩和通貨膨漲。本論文建立一個Cash-in-Advance模型，發現當經濟體之貸款利率遠高於存款利率，及人民預期未來經濟持續進步時，確實可能發生上述現象。

While some bubble economies, in which asset prices rise, experience exaggerated
money and credit expansion, they often face merely moderate
inflationary problems. It is likely that the increased money supply does
not fully enter the commodity market and result in hyper-inflation; some
of that increase may become investors’ money that waits for future investment
opportunities and finally goes into the equity market. By utilizing
a cash-in-advance model with a banking system and heterogeneous
household expectations, this paper demonstrates the existence of this special
phenomenon under the necessary condition by which, the loan rate is
significantly higher than the deposit rate, and what the public believes in
requires a persistent economic growth.

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