English, Article, Journal or magazine article edition: Money, trade credit and asset prices Jeffrey M. Lacker; Stacey L. Schreft

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Bookmark: http://trove.nla.gov.au/version/75036
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Money, trade credit and asset prices
Author
  • Jeffrey M. Lacker
  • Stacey L. Schreft
Physical Description
  • preprint
Notes
  • We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is endogenous. The economy has an infinite horizon, spatial separation and a credit-related transaction cost, but no capital. We find that the equilibrium prices of arbitrary contingent claims to future currency differ from those from one-good cash-in-advance models. This anomaly is directly related to the endogeneity of the mix of media of exchange used. In particular, nominal interest rates affect the risk-free real rate of return. The model also has implications for some long-standing issues in monetary policy and for time series analysis using money and trade credit.
  • Money ; Prices ; Credit
  • RePEc:fip:fedrwp:91-04
Language
  • English
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