Money and Credit Redux

• 成果类型: Article
• 署名作者: Gu, Chao; Mattesini, Fabrizio; Wright, Randall
• 署名单位: University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA12798
• 发表日期: 2016
• 页码: 1-32
• 关键词: monetary-policy; private information; search equilibrium; asset prices; liquidity; banking; MODEL; MARKETS; essentiality; ECONOMICS

摘要

We analyze money and credit as competing payment instruments in decentralized exchange. In natural environments, we show the economy does not need both: if credit is easy, money is irrelevant; if credit is tight, money is essential, but credit becomes irrelevant. Changes in credit conditions are neutral because real balances respond endogenously to keep total liquidity constant. This is true for both exogenous and endogenous debt limits and policy limits, secured and unsecured lending, and general pricing mechanisms. While we show how to overturn some of these results, the benchmark model suggests credit might matter less than people think.