Niepelt, Dirk (2023). Payments and Prices (CEPR discussion paper series 18291). CEPR
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We analyze the effect of structural change in the payment sector and of monetary policy on prices. Means of payment are obtained through portfolio choices and commodity sales and “liquified” through velocity choices. Interest rates, intermediation margins, and costs of payment instrument use affect portfolios, velocities, liquidity, relative prices, and the aggregate price level. Money is neutral, interest rate policy is not. Scarcer liquidity need not drive up velocity. Payment instruments and velocities generate positive externalities. Commodity price aggregates mis-measure consumer price inflation, distinctly so over the business cycle
Item Type: |
Working Paper |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics |
UniBE Contributor: |
Niepelt, Dirk |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0265-8003 |
Series: |
CEPR discussion paper series |
Publisher: |
CEPR |
Language: |
English |
Submitter: |
Julia Alexandra Schlosser |
Date Deposited: |
29 Nov 2023 10:36 |
Last Modified: |
29 Nov 2023 10:38 |
BORIS DOI: |
10.48350/189366 |
URI: |
https://boris.unibe.ch/id/eprint/189366 |
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