Credit cards and inflation

• 成果类型: Article
• 署名作者: Geanakoplos, John; Dubey, Pradeep
• 署名单位: State University of New York (SUNY) System; Stony Brook University; Yale University; The Santa Fe Institute
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2010.02.004
• 发表日期: 2010
• 页码: 325-353
• 关键词: Credit cards; Outside money; Inside money; Central bank; inflation; STAGFLATION

摘要

The introduction and widespread use of credit cards increases trading efficiency but, by also increasing the velocity of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre-credit card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation if it is unwilling to cut efficiency below pre-credit card levels. This could be a source of stagflation. (C) 2010 Elsevier Inc. All rights reserved.