On the complementarity of money and credit

被引：3

作者：

Ferraris, Leo ^{[1
]}

机构：

[1] Univ Carlos III Madrid, Dept Econ, E-28903 Getafe, Spain

来源：

EUROPEAN ECONOMIC REVIEW | 2010年 / 54卷 / 05期

关键词：

Coexistence of money and credit; WELFARE COST; INFLATION;

D O I：

10.1016/j.euroecorev.2009.12.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

I propose a model where agents choose to conduct their business using two payment instruments, money and bilateral credit. A friction in the timing of transactions rationalizes the use of both instruments and makes it optimal for agents to use money as a means of settlement for credit. Money and credit complement each other. With anticipated inflation, complementarity implies that the credit to money ratio decreases with inflation. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：733 / 741

页数：9

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