MONEY CYCLES

• 成果类型: Article
• 署名作者: Clausen, Andrew; Strub, Carlo
• 署名单位: University of Edinburgh; University of St Gallen
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12198
• 发表日期: 2016
• 页码: 1279-1298
• 关键词: transactions demand; inflation; equilibrium; exchange; search; LABOR; cash

摘要

Operating overheads are widespread and lead to concentrated bursts of activity. To transfer resources between active and idle spells, agents demand financial assets. Futures contracts and lotteries are unsuitable, as they have substantial overheads of their own. We show that moneyunder efficient monetary policyis a liquid asset that leads to efficient allocations. Under all other policies, agents follow inefficient money cycle patterns of saving, activity, and inactivity. Agents spend their money too quicklya hot-potato effect of inflation. We show that inflation can stimulate inefficiently high aggregate output.