English, Article, Journal or magazine article edition: Stored value cards: costly private substitutes for currency Jeffrey M. Lacker

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Bookmark: http://trove.nla.gov.au/version/74559
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Stored value cards: costly private substitutes for currency
Author
  • Jeffrey M. Lacker
Physical Description
  • preprint
Notes
  • A model in which both currency and stored value cards are used to make payments is presented. I compare steady-state equilibria with and without stored value cards. Stored value cards are beneficial because they help alleviate the deadweight loss due to inflation. When the nominal interest rate is greater than the government's resource cost of providing currency, the alternative means of payment may have larger real resource costs than the currency it replaces. Stored value results in either a net increase or a net decrease in economic welfare depending upon whether average costs are below or above a certain cut-off. Quantitative restrictions on stored value can be socially beneficial because they reduce the amount of resources absorbed by the most costly stored value applications.
  • Money ; Smart cards
  • RePEc:fip:fedrwp:96-03
Language
  • English
Contributed by
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