Final answer:
A payment between two customers in different banks simply redistributes reserves between the banks and does not directly affect the money supply. The central bank's actions in selling or buying bonds directly influence the money supply, but this is separate from the transfer of funds between bank customers.
Step-by-step explanation:
The question concerns the impact of a payment between two customers in different banks on the money supply. When a payment is made between two customers at different banks, the transferring bank sees a decrease in its reserves, while the receiving bank sees an increase. Assuming that the overall banking system reserves remain unchanged, this transaction simply redistributes reserves between banks without changing the total amount of reserves in the system, and does not directly affect the money supply.
However, the sale or purchase of bonds by the central bank does have a direct impact on the money supply. When the central bank buys bonds, it increases the amount of money in circulation, thus increasing the money supply. Conversely, when the central bank sells bonds, it decreases the money supply because money is flowing from the banks into the central bank.
Answering the question, the correct option would be (d) Has no effect on the money supply, since the transaction in question is simply a transfer of funds between two different banks' customers and does not involve the central bank's actions of selling or purchasing bonds.