New Technology Spillovers into the Payment System
研究一个存在内生技术变革的经济体中的支付系统，发现正名义利率通过将人力资本从生产和创新重新分配到支付系统，导致产出水平下降和增长放缓，且在高通胀时这种边际效应减弱。
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.