Money and credit as means of payment

• 成果类型: Article
• 署名作者: Lacker, JM; Schreft, SL
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Richmond
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01268-8
• 发表日期: 1996
• 页码: 3-23
• 关键词: money; credit; velocity; Interest rates; inflation

摘要

A stochastic economic environment is presented in which the mix of cash and resource-costly credit used as means of payment is endogenous. For reasonable values of the credit cost parameter, velocity can be quite variable and sensitive to the nominal interest rate. Those parameter values also generate larger welfare costs of inflation than have been found previously and a sizable impact of inflation on real interest rates.