of agents in exchanging money for goods, but on the arrangements for clearing and settlement of credit instruments. The …A segmented markets model is constructed in which transactions are conducted using credit and currency. Goods market … novelty of the paper is to show how the diffusion of a money injection by the central bank depends not only on the interaction …

, agents have excess demand for or supply of money balances. Banks arise to reallocate excess cash by taking deposits from …

and credit can improve welfare relative to the use of credit alone. This occurs because money allows for transactions to … money and credit. Our methodology for investigating identity theft is a general one, whose application is not necessarily … this paper we provide a model of “identity†and its use in credit transactions. In the environments we construct …