The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … regulatory changes and mutual fund costs that affect the substitutability of money for other financial assets. In the short run …The velocity of broad Divisia money temporarily declines during crises like the Great and COVID Recessions, but later …

listed simultaneously in Hong Kong and Mainland China, and thereby control for revisions in cash-flow expectations. We find …

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

digital currencies, I argue that they enhance the "CBDC trilemma" facing a central bank: out of the three objectives, price …

implementation. In December 2022, India started its CBDC pilot program to continue its transition towards a digitized payments … CBDCs and existing digital payment methods, as well as the implications of increased CBDC usage on traditional bank deposits … substitution effect, bolstering CBDC adoption. Furthermore, an uptick in CBDC usage is associated with a notable decline in bank …

Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium …. Our results on the imperfect substitutability of bank and shadow-bank money also inform analyses of the coexistence of the … it helps resolve the money-demand instability and missing-money puzzles of the monetary economics literature …

We show that decentralized privately created money with unstable values can hinder the traded, more transaction … new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of … this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new …