Money and Credit Redux

被引：43

作者：

Gu, Chao ^{[1
]}

Mattesini, Fabrizio ^{[2
]}

Wright, Randall ^{[3
,4
,5
,6
]}

机构：

[1] Univ Missouri, Dept Econ, Columbia, MO 65211 USA

[2] Univ Roma Tor Vergata, Dept Econ & Law, Rome, Italy

[3] Fed Reserve Bank Chicago, 230 S La Salle St, Chicago, IL 60604 USA

[4] Fed Reserve Bank Minneapolis, 90 Hennepin Ave, Minneapolis, MN 55401 USA

[5] Univ Wisconsin, Wisconsin Sch Business, 975 Univ Ave, Madison, WI 53706 USA

[6] NBER, Cambridge, MA 02138 USA

来源：

ECONOMETRICA | 2016年 / 84卷 / 01期

关键词：

Money; credit; debt; essentiality; neutrality; MONETARY-POLICY; PRIVATE INFORMATION; SEARCH EQUILIBRIUM; ASSET PRICES; LIQUIDITY; BANKING; MODEL; MARKETS; ESSENTIALITY; ECONOMICS;

D O I：

10.3982/ECTA12798

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze money and credit as competing payment instruments in decentralized exchange. In natural environments, we show the economy does not need both: if credit is easy, money is irrelevant; if credit is tight, money is essential, but credit becomes irrelevant. Changes in credit conditions are neutral because real balances respond endogenously to keep total liquidity constant. This is true for both exogenous and endogenous debt limits and policy limits, secured and unsecured lending, and general pricing mechanisms. While we show how to overturn some of these results, the benchmark model suggests credit might matter less than people think.

引用

页码：1 / 32

页数：32

共 66 条

[41] Money and capital as competing media of exchange [J].