Transactions, Credit, and Central Banking in a Model of Segmented Markets
نویسنده
چکیده
A segmented markets model is constructed with payments systems credit and a rich array of monetary policy instruments. Goods market segmentation plays an important role, in addition to the role played by conventional segmentation of asset markets. The diffusion of a money injection by the central bank depends on the interaction of agents in exchanging money for goods, and on the arrangements for clearing and settlement of payments system credit. Simple monetary policy rules are not efficient, in general.
منابع مشابه
Title : Transactions , Credit , and Central Banking in a Model of Segmented Markets
Author: Stephen D. Williamson1 Affiliations: Department of Economics, Washington University in St. Louis; Richmond Federal Reserve Bank; St. Louis Federal Reserve Bank Correspondence: Department of Economics, Washington University in St. Louis, Campus Box 1208, St. Louis, MO 63130; [email protected]; Phone 314-935-9283; Fax 314-935-4156 Abstract:A segmented markets model is constructed ...
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