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Transactions, Credit, and Central Banking in a Model of Segmented Markets

Stephen Williamson

No 287, 2006 Meeting Papers from Society for Economic Dynamics

Abstract: A segmented markets model is constructed in which transactions are conducted using credit and currency. Goods market segmentation plays an important role, in addition to the role played by conventional segmentation of asset markets. An important novelty of the paper is to show how the diffusion of a money injection by the central bank depends not only on the interaction of agents in exchanging money for goods, but on the arrangements for clearing and settlement of credit instruments. The model permits open market operations, daylight overdrafts, reserve-holding, and overnight lending and borrowing, allowing us to consider a rich array of central banking arrangements and their implications

Keywords: Money; Segmented Markets; Credit; Central Banking (search for similar items in EconPapers)
JEL-codes: E4 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (1)

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Journal Article: Transactions, Credit, and Central Banking in a Model of Segmented Markets (2009) Downloads
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