晋襄公
层进式议论文ABSTRACT
五月一日
As a recently expanded alternative technology for conducting transactions, credit cards have the potential to alter consumers' demand for money. A look at how credit cards have changed money balances spotlights the traditional monetary theme that transactions costs influence a consumer's level of liquid asts.
A cross-ctional study of family-level transactions account holdings explores the impact of credit card usage. Credit card usage is positively related to the dollar amount a consumer keeps in the sum of their checking and savings, ceteris paribus.
股海明灯
Credit cards may change the timing of flows through the accounts, for example by replacing a continual outflow of money with discreet monthly card payments, in a way that offts any reduction in the precautionary demand for money. An inventory management model of money holdings is analyzed for cas where the ability to aggregate transactions would match the obrved positive impact on money holdings.
香港带
To examine the effects of the increa in credit card usage in the economy in general, time ries regressions model revolving consumer credit against monetary aggregates, controlling for interest ra
tes and economic growth. Revolving consumer
语言的起源
ii
credit usage has a positive effect on Ml, which is consistent with my cross-ctional results, but has a negligible effect on M2.
The price of consumer credit is relatively non-responsive to the change in the cost of funds following a monetary policy shock; revolving consumer credit provides an independently priced substitute for money balances. To analysis the impact of incread liquidity from credit cards, revolving consumer credit outstanding was incorporated into a model of money holdings following a monetary policy shock. Higher levels of revolving consumer credit outstanding are associated with more transitory monetary policy shocks, indicating that the expansion of revolving consumer credit in the economy coincides with a decrea in consumer liquidity effects that propagated monetary policy shocks.波浪的拼音
红油豆腐
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