Money and credit as means of payment

被引：30

作者：

Lacker, JM ^{[1
]}

Schreft, SL ^{[1
]}

机构：

[1] FED RESERVE BANK RICHMOND,RES DEPT,RICHMOND,VA 23261

来源：

JOURNAL OF MONETARY ECONOMICS | 1996年 / 38卷 / 01期

关键词：

money; credit; velocity; interest rates; inflation;

D O I：

10.1016/0304-3932(96)01268-8

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：3 / 23

页数：21

共 31 条

[1]

[Anonymous], 1988, FEDERAL RESERVE BANK

[2]

[Anonymous], 1982, FIXED POINT THEORY

[3]

[Anonymous], 1983, CARNEGIE-ROCHESTER C

[4]

AVERY RB, 1987, FEDERAL RESERVE B, V73, P179