; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Money, Trade Credit, and Asset Prices"; ; "batchuser@example.com"; "Schreft, Stacey Lee", "Lacker, Jeffrey Malcolm"; "G12 - Asset Pricing; Trading Volume; Bond Interest Rates", "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems"; "We describe a stochastic economic environment in which the mix of money and trade credit used as means of payment is endogenous. The economy has an infinite horizon, spatial separation and a credit-related transaction cost, but no capital. We find that the equilibrium prices of arbitrary contingent claims to future currency differ from those from one-good cash-in-advance models. This anomaly is directly related to the endogeneity of the mix of media of exchange used. In particular, nominal interest rates affect the risk-free real rate of return. The model also has implications for some long-standing issues in monetary policy and for time series analysis using money and trade credit."^^; "1991-02"; "2018-03-29T18:30:15.717857558+00:00"^^; ; "2021-01-27T20:54:19.480041285+00:00"^^; "Conference Proceeding"; "707", "436"; "Monetary theory and financial intermediation"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department."; ; "ConferenceProceeding" . ; .