English, Article, Journal or magazine article edition: Clearing, settlement, and monetary policy Jeffrey M. Lacker

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Bookmark: http://trove.nla.gov.au/version/74895
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Clearing, settlement, and monetary policy
Author
  • Jeffrey M. Lacker
Physical Description
  • preprint
Notes
  • This paper develops a general equilibrium model of the clearing and settlement of private payment instruments. Spatial separation, heterogeneous preference shocks and limited communication provide a role for private credit as a means of payment. Although this method could be applied to various settlement arrangements, the use of central bank deposit liabilities in settlement is studied here. Various tools of payment system policy, such as intraday overdraft limits and fees, collateral requirements, reserve requirements, and interest on reserves, are examined.
  • Clearinghouses (Banking) ; Monetary policy
  • RePEc:fip:fedrwp:97-01
Language
  • English
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