Price Rigidity and Means of Payment
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 김영식 | - |
dc.contributor.author | 이만종 | - |
dc.date.accessioned | 2021-09-07T02:46:21Z | - |
dc.date.available | 2021-09-07T02:46:21Z | - |
dc.date.created | 2021-06-17 | - |
dc.date.issued | 2012 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/110199 | - |
dc.description.abstract | The trade-off between cash and a debit card as a means of payment is incorporated into a search-theoretic model. A buyer incurs the proportional cost of carrying cash into the decentralized goods market, and a seller accepting a debit card bears a fixed record-keeping cost. In an equilibrium, the price of a cash good turns out to be relatively sticky compared with that of a debit-card good. With money supply increasing at a constant rate, the carrying cost of cash proportional to its amount causes the cash balance net of cost to increase at a rate less than the money growth rate. Consumption smoothing also leads to a relatively small decrease in quantity traded in comparison with the increase in cash balance, implying rigid price. Further, the means-of-payment mechanism underlying price rigidity yields an additional distortionary effect of inflation on relative price between cash trade and debit-card trade, which implies higher welfare cost of inflation than that in the standard search-based model. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | 서울대학교 경제연구소 | - |
dc.title | Price Rigidity and Means of Payment | - |
dc.title.alternative | Price Rigidity and Means of Payment | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | 이만종 | - |
dc.identifier.doi | 10.22904/sje.2012.25.1.005 | - |
dc.identifier.bibliographicCitation | Seoul Journal of Economics, v.25, no.1, pp.111 - 135 | - |
dc.relation.isPartOf | Seoul Journal of Economics | - |
dc.citation.title | Seoul Journal of Economics | - |
dc.citation.volume | 25 | - |
dc.citation.number | 1 | - |
dc.citation.startPage | 111 | - |
dc.citation.endPage | 135 | - |
dc.type.rims | ART | - |
dc.identifier.kciid | ART001634794 | - |
dc.description.journalClass | 2 | - |
dc.description.journalRegisteredClass | kci | - |
dc.subject.keywordAuthor | Cash | - |
dc.subject.keywordAuthor | Debit card | - |
dc.subject.keywordAuthor | Price rigidity | - |
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