On Money as a Medium of Exchange in Near-Cashless Credit Economies
On Money as a Medium of Exchange in Near-Cashless Credit Economies
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论货币作为近无现金信贷经济中的交换媒介
DOI：
10.3386/w25803
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Shengxing Zhang
中科院分区：
文献类型：
--
作者：
R. Lagos;Shengxing Zhang
我们研究货币作为交换媒介的信贷经济体中货币政策的传导。我们发现，与当前货币经济学政策导向研究中的传统观点相反，货币在交易中的作用可以成为资产价格以及最终消费、投资、产出和福利总额的强大渠道。从理论上讲，我们表明货币均衡的无现金极限（当现金和信贷经济向纯信贷经济收敛时）不需要对应于非货币纯信贷经济的均衡。从数量上看，我们发现货币经济中价格和配置对货币政策的反应幅度相当大——即使在无现金限制下也是如此。因此，作为评估货币政策效果的工具，没有货币的货币模型一般都是较差的近似值——即使对于理想化的高度发达的信贷经济体来说也是如此，这些经济体能够以任意小的总实际货币余额容纳大量交易。
We study the transmission of monetary policy in credit economies where money serves as a medium of exchange. We find that—in contrast to current conventional wisdom in policy-oriented research in monetary economics—the role of money in transactions can be a powerful conduit to asset prices and ultimately, aggregate consumption, investment, output, and welfare. Theoretically, we show that the cashless limit of the monetary equilibrium (as the cash-and-credit economy converges to a pure-credit economy) need not correspond to the equilibrium of the nonmonetary pure-credit economy. Quantitatively, we find that the magnitudes of the responses of prices and allocations to monetary policy in the monetary economy are sizeable—even in the cashless limit. Hence, as tools to assess the effects of monetary policy, monetary models without money are generically poor approximations—even to idealized highly developed credit economies that are able to accommodate a large volume of transactions with arbitrarily small aggregate real money balances.
影响因子：
10.7
作者：
Lagos R
通讯作者：
Lagos R