It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases … of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced … more money-like, but they do not always achieve a positive convenience yield. Technology advances and reputation formation …

annual wholesale price indexes for the period 1948-76. The data on money shocks are the unanticipated money growth series … results are negative. They reject the hypothesis that unexpected money shocks, as measured by Barro, affect price dispersion …

magnitude of the unperceived money growth. The testing of this hypothesis requires two preliminary steps. First, a price … unperceived money growth. This estimation implies the postulation of an available information set and also a function relating the … variables in this set to money creation. The function used was based on considerations related to government demand for revenue …

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is … that the option to settle transactions directly with money strengthens the stance of sellers of goods and services vis …-á-vis intermediaries. We show this mechanism is operative even for sellers who never exercise the option to sell for cash, and that these …

, and lead agents to become risk-loving. Using experimental cash grants involving a choice between a safer, low payoff and a …

in-kind programs that lowered the cost of utilities such as electricity, water, transport, and mobile money. Do cash or …In response to the Covid-19 crisis, 186 countries implemented direct cash transfers to households, and 181 introduced … line with economic theory favoring direct cash transfers, in a randomized experiment in Kenya 95% of urban recipients …

% of cash in circulation illegal tender overnight, with new notes gradually introduced over the next several months. We … present a model of demonetization where agents hold cash both to satisfy a cash-in-advance constraint and for tax evasion … cumulated effects provide a lower bound for the aggregate effects of demonetization. Our analysis rejects money non …

The 2020 CARES Act directed large cash payments to households. We analyze house-holds' spending responses using high …

treatment group received monthly wage payments into a bank or mobile money account while workers in a control group continued to … receive wages in cash, with a subset also receiving an account without automatic wage payments. We find that exposure to … suggestive evidence of market externalities from consumer learning: mobile money agents are less likely to overcharge …