Money and Credit

Theory and Applications

Money and Credit
We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form... READ MORE...

Publication date: January 2017
ISBN 9781475572339
$18.00

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