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| Tekijä: | Dutta, J. Weale, M. |
| Otsikko: | Consumption and the means of payment: an empirical analysis for the United Kingdom |
| Lehti: | Economica
2001 : AUG, VOL. 68:271, p. 293-316 |
| Asiasana: | Consumption Payment systems United Kingdom Econometric models |
| Kieli: | eng |
| Tiivistelmä: | The authors estimate a model of consumption and money holdings with multiple means of payment, using data for the United Kingdom. The model describes a technology for transactions, where money and credit are imperfect substitutes. The value of long-term changes in the payments systems to the representative consumer, as well as cost of inflation from 1977 to 1998 are evaluated. The welfare costs of inflation of this period are evaluated. The model has implications for consumption-smoothing in resonse to monetary shocks. |
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