Payments systems with random matching and private information.(Comparative Financial Systems): An article from: Journal of Money, Credit & Banking

This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on August 1, 1998. The length of the article is 8445 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: A model of dynamic risk-sharing is constructed where agents meet pairwise and at random, and there is private information about endowments. Risk sharing is accomplished through dynamic contracts involving credit transactions, and through monetary exchange. A Friedman rule is optimal, and solutions are computed. The welfare costs of inflation and the effects of inflation on the distribution of consumption and wealth are small for an economy calibrated to U.S. data. However, these effects are large when the credit system is relatively unsophisticated.

Citation Details
Title: Payments systems with random matching and private information.(Comparative Financial Systems)
Author: Stephen D. Williamson
Publication:Journal of Money, Credit & Banking (Refereed)
Date: August 1, 1998
Publisher: Ohio State University Press
Volume: v30 Issue: n3 Page: p551(19)

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