Payments systems and monetary policy

• 成果类型: Article
• 署名作者: Williamson, SD
• 署名单位: University of Iowa
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(03)00007-2
• 发表日期: 2003
• 页码: 475-495
• 关键词: payments systems; monetary policy

摘要

A dynamic spatial model is constructed where there is a role for money and for centralized payments arrangements, and where there are aggregate fluctuations driven by fluctuations in aggregate productivity. With decentralized monetary exchange and no centralized payments arrangements, there is price level indeterminacy, and the equilibrium allocation is inefficient. A private clearinghouse arrangement improves efficiency but produces a real indeterminacy. The pricing of daylight overdrafts is irrelevant for the equilibrium allocation. Efficiency is achieved with a zero nominal interest rate on overnight central bank lending, or through private overnight interbank lending. (C) 2003 Elsevier Science B.V. All rights reserved.