monetary growth model with an explicit credit service sector to explain the observed magnitude. Since credit services are … assumed costly to produce, the consumers equate the opportunity cost of holding money with the marginal cost of credit …

monetary growth model with an explicit credit service sector to explain the observed magnitude. Since credit services are … assumed costly to produce, the consumers equate the opportunity cost of holding money with the marginal cost of credit …

robust fashion with a model extended to include credit as a payment mechanism. …