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Inflation, output, and welfare in the laboratory

Jiang, Janet Hua; Puzzello, Daniela; Zhang, Cathy - 2023 - Last updated: February 13, 2023

an economy where money serves as a medium of exchange. We test the classical view that inflation reduces output and …

Persistent link: https://www.econbiz.de/10013542097

How long is forever in the laboratory? : three implementations of an infinite-horizon monetary economy

Jiang, Janet Hua; Puzzello, Daniela; Zhang, Cathy - 2021 - Last updated: April 5, 2021

We compare three implementation schemes of an infinite-horizon monetary economy with discounting. Under the standard … random termination scheme and its block variation, the economy lasts for an indefinite number of periods and the discounting … factor is captured by the probability that the economy continues to the next period. These schemes rely on the belief that …

Persistent link: https://www.econbiz.de/10012493316

Safe payments

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; … - 2020 - Last updated: December 10, 2020

We use a simple model to study whether private payment systems based on bank deposits can provide the optimal level of safety. In the model, bank deposits backed by projects are subject to default risk that can be mitigated by a depositor's ex ante and ex post monitoring. Safe payment...

Persistent link: https://www.econbiz.de/10012388751

Adoption of a new payment method : theory and experimental evidence

Arifovic, Jasmina; Duffy, John; Jiang, Janet Hua - 2017

We model the introduction of a new payment method, e.g., e-money, that competes with an existing payment method, e.g., cash. The new payment method involves relatively lower per-transaction costs for both buyers and sellers, but sellers must pay a fixed fee to accept the new payment method. As a...

Persistent link: https://www.econbiz.de/10011685498

Central bank digital currency and banking

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; … - 2019

model to the US economy and find that with a proper interest rate, CBDC can raise bank lending by around 7% and increase …

Persistent link: https://www.econbiz.de/10012010505

Competing currencies in the laboratory

Jiang, Janet Hua; Zhang, Cathy - 2017

We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium...

Persistent link: https://www.econbiz.de/10011777887

Monetary policy pass-through with central bank digital currency

Jiang, Janet Hua; Zhu, Yu - 2021 - Last updated: March 9, 2021

This paper investigates how the introduction of an interest-bearing central bank digital currency (CBDC) that serves as a perfect substitute for bank deposits as an electronic means of payment affects monetary policy pass-through. When the deposit market is not fully competitive, the CBDC tends...

Persistent link: https://www.econbiz.de/10012488040

Is money essential? : an experimental approach

Jiang, Janet Hua; Norman, Peter; Puzzello, Daniela; … - 2023 - Last updated: July 28, 2023

Monetary exchange is deemed essential when better incentive-compatible outcomes can be achieved with money than without it. We study essentiality both theoretically and experimentally, using finite-horizon monetary models that are naturally suited to the lab. We also follow the mechanism design...

Persistent link: https://www.econbiz.de/10014456517