Monetary policy with asset-backed money
نویسندگان
چکیده
منابع مشابه
Monetary policy with asset-backed money
We study the use of intermediated assets as media of exchange in a neoclassical growth model. An intermediary is delegated control over productive capital and finances itself by issuing claims against the revenue generated by its operations. Unlike physical capital, intermediated claims are assumed to be liquid—they constitute a form of asset-backed money. The intermediary is assumed to control...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2016
ISSN: 0022-0531
DOI: 10.1016/j.jet.2015.08.006