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Creating Maryland's Paper Money Economy, 1720-1739 : The Role of Power, Print, and Markets
Grubb, Farley - 2008
The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary...
Persistent link: https://www.econbiz.de/10012464672
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Colonial New Jersey's Paper Money Regime, 1709-1775 : A Forensic Accounting Reconstruction of the Data
Grubb, Farley - 2013
Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated, and the amounts actually executed. These data are substantial improvements over...
Persistent link: https://www.econbiz.de/10012458953
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Gold, Fiat Money, and Price Stability
Bordo, Michael D. - 2003
gold standard has long been associated with long-run price stability. But critics of the day argued that the regime was … four alternative regimes. They are the gold standard, Irving Fisher's compensated dollar proposal, and two regimes with … an interest rate rule to target the price of gold. In the second, there is no convertibility and the central bank targets …
Persistent link: https://www.econbiz.de/10012468523
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Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador
Alvarez, Fernando E.; Argente, David; Van Patten, Diana - National Bureau of Economic Research - 2022
This paper studies the potential of a cryptocurrency to become a medium of exchange. We use evidence from a natural experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic agents were required to accept bitcoin for all...
Persistent link: https://www.econbiz.de/10013191063
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Impact of Retail CBDC on Digital Payments, and Bank Deposits : Evidence from India
Di Maggio, Marco; Ghosh, Pulak; Ghosh, Soumya Kanti; … - National Bureau of Economic Research - 2024
Interest in central bank digital currencies (CBDCs) has been burgeoning with 134 countries now exploring its implementation. In December 2022, India started its CBDC pilot program to continue its transition towards a digitized payments economy. This paper presents the first empirical analysis...
Persistent link: https://www.econbiz.de/10014544735
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Shotgun Wedding : Fiscal and Monetary Policy
Bassetto, Marco - 2020
This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the...
Persistent link: https://www.econbiz.de/10012481961
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Good versus Bad Deflation : Lessons from the Gold Standard Era
Bordo, Michael D. - 2004
based on gold: circumstances which have resonance with the world of today. We identify aggregate supply, aggregate demand …
Persistent link: https://www.econbiz.de/10012468365
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The Digitalization of Money
Brunnermeier, Markus K. - 2019
The ongoing digital revolution may lead to a radical departure from the traditional model of monetary exchange. We may see an unbundling of the separate roles of money, creating fiercer competition among specialized currencies. On the other hand, digital currencies associated with large platform...
Persistent link: https://www.econbiz.de/10012480245
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Chronic Specie Scarcity and Efficient Barter : The Problem of Maintaining an Outside Money Supply in British Colonial America
Grubb, Farley - 2012
Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be …
Persistent link: https://www.econbiz.de/10012460560
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Gold Monetization and Gold Discipline
Flood, Robert P. - 1980
The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a … gold standard and during the post-monetization period. The paper also explores the adjustments to fiat money which are … necessary to ensure that this type of gold monetization is non-inflationary. Finally, some conditions which produce a run on the …
Persistent link: https://www.econbiz.de/10012478590