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The BFH payments system in new classical and new Keynesian models

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Abstract

This paper develops a dynamic stochastic model of the BFH payments system with versions consistent with new classical and new Keynesian assumptions about aggregate supply. The new classical version suggests BFH provides perfect inflation and output performance. The new Keynesian version implies more ambiguous consequences.

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Authors and Affiliations

  1. The Citadel, USA

    W. William Woolsey

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  1. W. William Woolsey
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Woolsey, W.W. The BFH payments system in new classical and new Keynesian models. Atlantic Economic Journal 21, 62–70 (1993). https://doi.org/10.1007/BF02302316

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