Arbeitspapier
On the equivalence of private and public money
We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We provide sufficient conditions under which a swap of monies leaves the equilibrium allocation and price system unchanged. We apply the equivalence result to the "Chicago Plan," cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). In particular, we show why CBDC need not undermine financial stability.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Papers ; No. 19-03
- Klassifikation
-
Wirtschaft
- Thema
-
Money creation
monetary system
inside money
outside money
equivalence
CBDC
Chicago Plan
sovereign money
Geldschöpfung
Währungssystem
Münzgewinn
Virtuelle Währung
Amerikanisch
Bargeldloser Zahlungsverkehr
Indisch
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Brunnermeier, Markus Konrad
Niepelt, Dirk
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bern, Department of Economics
- (wo)
-
Bern
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Brunnermeier, Markus Konrad
- Niepelt, Dirk
- University of Bern, Department of Economics
Entstanden
- 2019
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