New Technology Spillovers into the Payment System
Bibliographic Data
| ID | 9706889 |
|---|---|
| Authors | Milton H Marquis (Federal Reserve), Kevin L Reffett, Kevin Reffett (0000-0002-8074-0804, Florida State University) |
| Year | 1994 |
| Volume | 104 |
| Issue | 426 |
| Pages | 1123 |
| Publication date | 1994-09-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.2307/2235068 |
| OpenAlex | W1554898356 |
| Language | EN |
| Citations received | 3 |
| References cited | 3 |
In modern economies, multiple means of payment associated with the exchange of goods coexist. This paper examines one such payment system in an economy with endogenous technological change. It consists of money and a costly accounting system that receives spillovers from new technologies. Positive nominal interest rates are shown to produce welfare losses by inducing a reallocation of human capital into the payment system, and out of the production of final goods and new knowledge. The former substitution produces level effects on output and the latter produces growth effects. At higher levels of inflation, these marginal effects are seen to be weaker
Capital (architecture · Economics · Endogenous growth theory · Human capital · Inflation (cosmology · Macroeconomics · Market economy · Monetary economics · Payment · Payment system · Production (economics · Welfare · Economic Growth and Productivity · Economic theories and models · Finance · Fiscal Policy and Economic Growth
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,11 |
| Citation span | 1999 - 2021 (23) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |