دورية أكاديمية
Search models of money: Alternative means-of payment and consumer behaviour with credit
| العنوان: | Search models of money: Alternative means-of payment and consumer behaviour with credit |
|---|---|
| المؤلفون: | TAN, Kheng Tat Marcus |
| المصدر: | Dissertations and Theses Collection (Open Access) |
| بيانات النشر: | Institutional Knowledge at Singapore Management University |
| سنة النشر: | 2023 |
| المجموعة: | Institutional Knowledge (InK) at Singapore Management University |
| مصطلحات موضوعية: | Search Models, Coexistence of Money and Credit, Limited Commitment, Money, Fiat Money, E-Money, Digital Currency, Money Distribution, Credit, Debt, Deposits, Collateral, Housing, Liquidity, Asset Prices, Monetary Policy, Welfare, Heterogeneous Agents, Behavioral Economics, Economics |
| الوصف: | This dissertation consists of three chapters on Search Models of Money. The first chapter is a review of recent advances in Search Models of Money. It reviews the Lagos and Wright (2005) framework which is the workhorse of many modern search models with applications to models with Competing Media of Exchange to Fiat Currency, and models with Money and Credit. We trace the history of the development of search models of money from the first generation to present day. We highlight recent developments that address puzzles such as the coexistence of money in an environment where an asset serves as both an alternative means-of-payment and a superior store of value. We look at search models of money with credit which address the fact that in the original LW framework, credit could not exist because agents are anonymous in the decentralized market while in the centralized market all agents can work with linear utility in hours rendering credit unnecessary. The second chapter explores the adoption and acceptance of alternative means-of-payment to fiat currency. We determine the inflation rate and transaction costs of adoption that encourage the adoption of an alternative means-of-payment. However, the buyer’s bargaining power must also be high enough for money and the asset to co-exist as means of payment, otherwise buyers will choose to use money only for low inflation and asset only for high inflation. We observe that when inflation is low, for a given fraction of acceptance of the alternative means-ofpayment by sellers, and the cost of holding money is not great so the benefit of using the asset as an alternative means-of-payment to the buyer is negative or zero, and buyers will not adopt the asset. At high inflation when the asset is adopted and accepted as an alternative means-of-payment, when acceptance rate is low, welfare gains are limited because agents do not use too much of the asset as an alternative means-of-payment. However, when the acceptance rate is high, the welfare gains are much higher. In equilibria ... |
| نوع الوثيقة: | text |
| وصف الملف: | application/pdf |
| اللغة: | English |
| العلاقة: | https://ink.library.smu.edu.sg/etd_coll/510Test; https://ink.library.smu.edu.sg/context/etd_coll/article/1508/viewcontent/Search_Models_of_Money___Alternative_Means_of_Payment_and_Consumer_Behaviour_with_Credit.pdfTest |
| الإتاحة: | https://ink.library.smu.edu.sg/etd_coll/510Test https://ink.library.smu.edu.sg/context/etd_coll/article/1508/viewcontent/Search_Models_of_Money___Alternative_Means_of_Payment_and_Consumer_Behaviour_with_Credit.pdfTest |
| حقوق: | http://creativecommons.org/licenses/by-nc-nd/4.0Test/ |
| رقم الانضمام: | edsbas.BA7BDFB0 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |