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Payment networks in a search model of money
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Martin, Antoine, Orlando, Michael J. and Skeie, David (2008) Payment networks in a search model of money. Review of Economic Dynamics, 11 (1). pp. 104-132. doi:10.1016/j.red.2007.04.001 ISSN 1094-2025 .
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Official URL: http://dx.doi.org/10.1016/j.red.2007.04.001
Abstract
In a simple search model of money, we study a special kind of memory which gives rise to an arrangement resembling a payment network. Specifically, we assume that agents can pay a cost to have access to a central data base that keeps track of payments made and received. Incentives must be provided to agents to access the central data base and to produce when they have access to this arrangement. We study policies that can relax these incentive constraints. In particular, we show that a ‘no-surcharge’ rule has good incentive properties. Finally, we compare our model with the model of Cavalcanti and Wallace.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Review of Economic Dynamics | ||||||
Publisher: | Elsevier | ||||||
ISSN: | 1094-2025 | ||||||
Official Date: | January 2008 | ||||||
Dates: |
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Volume: | 11 | ||||||
Number: | 1 | ||||||
Page Range: | pp. 104-132 | ||||||
DOI: | 10.1016/j.red.2007.04.001 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access |
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