Production, hidden action, and the payment system

A-Tier
Journal: Journal of Monetary Economics
Year: 2011
Volume: 58
Issue: 2
Pages: 172-182

Score contribution per author:

1.341 = (α=2.01 / 3 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Using a modified version of Freeman's (1996) payment system model, the optimal intraday rate is examined. The production set is modified to account for a non-degenerate distribution of settlements within a day. In addition to the modified production set, the consumption set is modified. A positive intraday interest rate may be able to implement the planner's allocation.

Technical Details

RePEc Handle
repec:eee:moneco:v:58:y:2011:i:2:p:172-182
Journal Field
Macro
Author Count
3
Added to Database
2026-01-25