Optimality of Exchange Credit Restrictions
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.
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|Date of creation:||1996|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia|
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