| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14051 |
| DP14051 On Money As a Latent Medium of Exchange | |
| Ricardo Lagos; Shengxing Zhang | |
| 发表日期 | 2019-10-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis-a-vis intermediaries. We show this mechanism is operative even for sellers who never exercise the option to sell for cash, and that these latent money demand considerations imply monetary policy remains effective through medium-of-exchange channels even if the share of monetary transactions is arbitrarily small. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Cashless Credit Liquidity Money monetary policy |
| URL | https://cepr.org/publications/dp14051 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542938 |
| 推荐引用方式 GB/T 7714 | Ricardo Lagos,Shengxing Zhang. DP14051 On Money As a Latent Medium of Exchange. 2019. |
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