全球智库信息集成服务系统(G2TT): The Limits of onetary Economics: On Money as a Latent Medium of Exchange

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26756
来源ID	Working Paper 26756
	The Limits of onetary Economics: On Money as a Latent Medium of Exchange
	Ricardo Lagos; Shengxing Zhang
发表日期	2020-02-24
出版年	2020
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 with money strengthens the stance of sellers of goods and services vis-à-vis intermediaries, and show this mechanism is operative even for sellers who never exercise the option to sell for cash. These latent money demand considerations imply that in general, in contrast to current conventional wisdom in policy-oriented research in monetary economics, monetary policy remains eﬀective through medium-of-exchange transmission channels—even in highly developed credit economies where the share of monetary transactions is negligible.
主题	Microeconomics ; Economics of Information ; Macroeconomics ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing
URL	https://www.nber.org/papers/w26756
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/584441
推荐引用方式 GB/T 7714	Ricardo Lagos,Shengxing Zhang. The Limits of onetary Economics: On Money as a Latent Medium of Exchange. 2020.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w26756.pdf（603KB）	智库出版物		限制开放	CC BY-NC-SA	浏览