haku: @indexterm MONETARY THEORY / yhteensä: 83
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| Tekijä: | Li, Y. |
| Otsikko: | A search model of money and circulating private debt with applications to monetary policy |
| Lehti: | International Economic Review
2001 : NOV, VOL. 42:4, p. 925-946 |
| Asiasana: | Monetary policy Monetary theory Debt Econometric models |
| Kieli: | eng |
| Tiivistelmä: | A search-theoretic model is used to examine the coexistence of money and circulating private debt. Money is still valued even though there coexists credit which circulates among agents and dominates in the rate of return. When there coexist multiple equilibria, the equilibrium with credit Pareto dominates the one without credit if money supply is not extremely plentiful. A policy of open market operations whereby government discounts less for second-hsnd debt decreases the value of money, credit, and interest rate prevailing in the market. |
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