Coexistence of money and interest-bearing securities

• 成果类型: Article; Proceedings Paper
• 署名作者: Aiyagari, SR; Wallace, N; Wright, R
• 署名单位: University of Miami; University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• 发表日期: 1996
• 页码: 397-419
• 关键词: money; Interest rates; monetary policy

摘要

A random matching model with money is used to study the nominal yield on small denomination, bearer, safe, discount securities issued by the government. There is always one steady state with matured securities circulating at par and, for some parameters, another with them circulating at a discount. In the former, a necessary and sufficient condition for a positive nominal yield on not-yet-matured securities is exogenous discriminatory treatment of them by the government. In the latter, the post-maturity discount on securities induces a deeper pre-maturity discount even without such discriminatory treatment.