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Payments, Credit and Asset Prices

Author

Listed:
  • Martin Schneider

    (Stanford University)

  • Monika Piazzesi

    (Stanford University)

Abstract

This paper studies a monetary economy with two layers of transactions. In enduser transactions, households and institutional investors pay for goods and securities with deposits issued by banks. Endusers' payment instructions generate interbank transactions where banks pay with reserves or interbank credit. The model links the payments system and securities markets so that beliefs about asset payoffs matter for the money supply and the price level, and monetary policy matters for real asset values.

Suggested Citation

  • Martin Schneider & Monika Piazzesi, 2015. "Payments, Credit and Asset Prices," 2015 Meeting Papers 133, Society for Economic Dynamics.
    • Handle: RePEc:red:sed015:133
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    Cited by:

    1. Valentina Aprigliano & Guerino Ardizzi & Libero Monteforte, 2017. "Using the payment system data to forecast the Italian GDP," Temi di discussione (Economic working papers) 1098, Bank of Italy, Economic Research and International Relations Area.
    2. Guerino Ardizzi & Simone Emiliozzi & Juri Marcucci & Libero Monteforte, 2019. "News and consumer card payments," Temi di discussione (Economic working papers) 1233, Bank of Italy, Economic Research and International Relations Area.
    3. Francesco Bianchi & Martin Lettau & Sydney C. Ludvigson, 2022. "Monetary Policy and Asset Valuation," Journal of Finance, American Finance Association, vol. 77(2), pages 967-1017, April.
    4. d'Avernas, Adrien & Vandeweyer, Quentin & Darracq Pariès, Matthieu, 2020. "Unconventional monetary policy and funding liquidity risk," Working Paper Series 2350, European Central Bank.

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