Money and credit :: theory and applications /
We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium...
Gespeichert in:
Hauptverfasser: | , , |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
[Washington, District of Columbia] :
International Monetary Fund,
2017.
|
Schriftenreihe: | IMF working paper ;
WP/17/14. |
Schlagworte: | |
Online-Zugang: | Volltext |
Zusammenfassung: | We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution. |
Beschreibung: | 1 online resource (55 pages) : illustrations, tables. |
ISBN: | 1475577729 9781475577723 |
Internformat
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245 | 1 | 0 | |a Money and credit : |b theory and applications / |c by Liang Wang, Randall Wright, and Lucy Qian Liu. |
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520 | 3 | |a We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution. | |
650 | 0 | |a Econometric models. |0 http://id.loc.gov/authorities/subjects/sh85040762 | |
650 | 0 | |a Economic forecasting. |0 http://id.loc.gov/authorities/subjects/sh85040814 | |
650 | 6 | |a Modèles économétriques. | |
650 | 6 | |a Prévision économique. | |
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650 | 7 | |a Econometric models |2 fast | |
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700 | 1 | |a Wright, Randall, |e author. | |
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author | Wang, Liang Wright, Randall Liu, Lucy Qian |
author_GND | http://id.loc.gov/authorities/names/no2015051563 |
author_facet | Wang, Liang Wright, Randall Liu, Lucy Qian |
author_role | aut aut aut |
author_sort | Wang, Liang |
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collection | ZDB-4-EBA |
ctrlnum | (OCoLC)980805089 |
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dewey-ones | 330 - Economics |
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dewey-search | 330.015195 |
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dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
format | Electronic eBook |
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id | ZDB-4-EBA-ocn980805089 |
illustrated | Illustrated |
indexdate | 2024-11-27T13:27:46Z |
institution | BVB |
isbn | 1475577729 9781475577723 |
language | English |
oclc_num | 980805089 |
open_access_boolean | |
owner | MAIN DE-863 DE-BY-FWS |
owner_facet | MAIN DE-863 DE-BY-FWS |
physical | 1 online resource (55 pages) : illustrations, tables. |
psigel | ZDB-4-EBA |
publishDate | 2017 |
publishDateSearch | 2017 |
publishDateSort | 2017 |
publisher | International Monetary Fund, |
record_format | marc |
series | IMF working paper ; |
series2 | IMF working paper ; |
spelling | Wang, Liang, author. Money and credit : theory and applications / by Liang Wang, Randall Wright, and Lucy Qian Liu. [Washington, District of Columbia] : International Monetary Fund, 2017. ©2017 1 online resource (55 pages) : illustrations, tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/17/14 We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution. Econometric models. http://id.loc.gov/authorities/subjects/sh85040762 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Modèles économétriques. Prévision économique. BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Econometric models fast Economic forecasting fast Wright, Randall, author. Liu, Lucy Qian, author. http://id.loc.gov/authorities/names/no2015051563 has work: Money and credit (Text) https://id.oclc.org/worldcat/entity/E39PCGyfDHXkH8Q9cDkVCXtMyd https://id.oclc.org/worldcat/ontology/hasWork Print version: Wang, Liang Money and Credit: Theory and Applications Washington, D.C. : International Monetary Fund,2017 9781475572339 IMF working paper ; WP/17/14. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1479853 Volltext |
spellingShingle | Wang, Liang Wright, Randall Liu, Lucy Qian Money and credit : theory and applications / IMF working paper ; Econometric models. http://id.loc.gov/authorities/subjects/sh85040762 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Modèles économétriques. Prévision économique. BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Econometric models fast Economic forecasting fast |
subject_GND | http://id.loc.gov/authorities/subjects/sh85040762 http://id.loc.gov/authorities/subjects/sh85040814 |
title | Money and credit : theory and applications / |
title_auth | Money and credit : theory and applications / |
title_exact_search | Money and credit : theory and applications / |
title_full | Money and credit : theory and applications / by Liang Wang, Randall Wright, and Lucy Qian Liu. |
title_fullStr | Money and credit : theory and applications / by Liang Wang, Randall Wright, and Lucy Qian Liu. |
title_full_unstemmed | Money and credit : theory and applications / by Liang Wang, Randall Wright, and Lucy Qian Liu. |
title_short | Money and credit : |
title_sort | money and credit theory and applications |
title_sub | theory and applications / |
topic | Econometric models. http://id.loc.gov/authorities/subjects/sh85040762 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Modèles économétriques. Prévision économique. BUSINESS & ECONOMICS / Economics / General bisacsh BUSINESS & ECONOMICS / Reference bisacsh Econometric models fast Economic forecasting fast |
topic_facet | Econometric models. Economic forecasting. Modèles économétriques. Prévision économique. BUSINESS & ECONOMICS / Economics / General BUSINESS & ECONOMICS / Reference Econometric models Economic forecasting |
url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1479853 |
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