Production, hidden action, and the payment system
成果类型：
Article
署名作者：
Gu, Chao; Guzman, Mark; Haslag, Joseph
署名单位：
University of Missouri System; University of Missouri Columbia; University of Reading
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.03.004
发表日期：
2011
页码：
172-182
关键词：
摘要：
Using a modified version of Freeman's (1996) payment system model, the optimal intraday rate is examined. The production set is modified to account for a non-degenerate distribution of settlements within a day. In addition to the modified production set, the consumption set is modified. A positive intraday interest rate may be able to implement the planner's allocation. (C) 2011 Elsevier B.V. All rights reserved.
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