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Optimality of Exchange Credit Restrictions

Author

Listed:
  • Gillman, M.

Abstract

The paper formalizes a conflict in the use of credit. As compared to using costless fiat, the consumer's use of credit wastes resources by avoiding the inflation tax through a costly means of exchange. This inefficiency gives lattitude for a planner to increase welfare by restricting exchange credit.

Suggested Citation

  • Gillman, M., 1996. "Optimality of Exchange Credit Restrictions," Department of Economics - Working Papers Series 519, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:519
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    Cited by:

    1. Max Gillman, 1995. "Comparing Partial And General Equilibrium Estimates Of The Welfare Cost Of Inflation," Contemporary Economic Policy, Western Economic Association International, vol. 13(4), pages 60-71, October.

    More about this item

    Keywords

    CREDIT; INFLATION; TAXES; TAXATION;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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