Money Velocity with Costly Credit

Max Gillman (), Pierre Siklos (), P.L.Silver and J.L.

No 515, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: The paper functionally describes the income velocity of money by including the cost of a key substitute to money: exchange credit. Financial innovation causes the cost of credit to fall, the quantity of money demanded to fall, and the velocity to rise, all without shifting the money demand function.

Keywords: MONEY; DEMAND; TECHNOLOGY; VELOCITY (search for similar items in EconPapers)
JEL-codes: E40 E42 E49 (search for similar items in EconPapers)
Date: 1996
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Working Paper: Money Velocity with Costly Credit (1997)
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