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Costly Credit and Sticky Prices

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添加时间:2015-09-28 13:05:44

最后更新:2015-09-28 13:13:00

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发布人:george15135

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Abstract
This paper constructs models where money and credit are alternative payment  instruments, uses them to analyze sluggish nominal prices, and confronts the data. Equilibria entail price dispersion, where sellers set nominal terms they may keep fixed when aggregate conditions change. Buyers can use cash or credit, with the former (latter) subject to inflation (transaction costs). We provide strong analytic results and exact solutions for money demand. The calibrated models match price-change data well, with realistic durations, large average changes, many small and negative changes, and a decreasing hazard. They can also match macro and micro observations on
money and credit.
 
JEL classification: E31, E51, E52, E42
Keywords: Money, Credit, Sticky Prices, Price Dispersion
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