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Money and Banking in a Cash-in-Advance Economy

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Author Info
Englund, Peter
Svensson, Lars E O

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Abstract

This paper studies banking and financial innovations in a stochasti c general equilibrium model, assuming the existence of two distinct types of goods: cash goods, which can only be purchased by cash, and check goods, which can also be purchased by checks drawn against interest-bearing bank accounts. The authors analyze the effects of changes in the payment s structure (i.e., the share of check goods), reserve requirements on banks, and changes in the supply of reserves. The authors find, e.g., that an increased share of check goods and a decrease of the bank reserve ratio in general both lead to a decrease in the variance of the price level. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 29 (1988)
Issue (Month): 4 (November)
Pages: 681-705
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Handle: RePEc:ier:iecrev:v:29:y:1988:i:4:p:681-705

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  2. Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, vol. 7(1), pages 625-650, March. [Downloadable!] (restricted)
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  3. Ertz, Guy & Portier, Franck, 1998. "Money Injections in a Neoclassical Growth Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998018, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  4. Chamley, Christophe & Honohan, Patrick, 1990. "Taxation of financial intermediation : measurement principles and application to five African countries," Policy Research Working Paper Series 421, The World Bank. [Downloadable!]
  5. Mwanza Nkusu, 2003. "Interest Rates, Credit Rationing, and Investment in Developing Countries," IMF Working Papers 03/63, International Monetary Fund. [Downloadable!]
  6. Arrau, Patricio & de Gregorio, Jose, 1991. "Financial innovation and money demand : theory and empirical implementation," Policy Research Working Paper Series 585, The World Bank. [Downloadable!]
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