Geanakoplos, John; Dubey, Pradeep - Cowles Foundation for Research in Economics, Yale University - 2009
of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre … credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less … than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation …