Payments, Credit and Asset Prices

Martin Schneider and Monika Piazzesi
Additional contact information
Monika Piazzesi: Stanford University

No 133, 2015 Meeting Papers from Society for Economic Dynamics

Abstract: This paper studies a monetary economy with two layers of transactions. In enduser transactions, households and institutional investors pay for goods and securities with deposits issued by banks. Endusers' payment instructions generate interbank transactions where banks pay with reserves or interbank credit. The model links the payments system and securities markets so that beliefs about asset payoffs matter for the money supply and the price level, and monetary policy matters for real asset values.

Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (5)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:red:sed015:133

Access Statistics for this paper

More papers in 2015 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().