Money velocity with costly credit

Gillman, Max, Siklos, Pierre and Silver, J. L. 1996. Money velocity with costly credit. [Working Paper]. Working Papers Series, vol. 515. Melbourne: The University of Melbourne, Department of Economics.

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Abstract

The paper functionally describes the income velocity of money by including the cost of a key substitute to money: exchange credit. Financial innovation causes the cost of credit to fall, the quantity of money demanded to fall, and the velocity to rise, all without shifting the money demand function.

Item Type:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Uncontrolled Keywords:	Money; demand; technology; velocity
Publisher:	The University of Melbourne, Department of Economics
Last Modified:	19 Mar 2016 23:14
URI:	https://orca.cardiff.ac.uk/id/eprint/43943

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