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- W4315779516 abstract "A limited participation model is constructed to capture the role of a centralized payments system in conducting central bank’s policies. The government controls a money stock through the management of collateral requirements for the payments system as payment policy and open market operations as monetary policy. In equilibrium, due to limited participation, monetary policy whose effects are asymmetric across economic individuals may deteriorate some individual welfare. However, payment policy may wash out this distortion through an adjustment in the choice of credit-settlement types without deteriorating any individual welfare." @default.
- W4315779516 created "2023-01-13" @default.
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- W4315779516 date "2023-01-01" @default.
- W4315779516 modified "2023-10-04" @default.
- W4315779516 title "Money, payments systems, limited participation, and central banking" @default.
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- W4315779516 doi "https://doi.org/10.1016/j.najef.2022.101874" @default.
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