banknotes and take due account of other determinants of cash demand. We find a significant and positive relationship between the … cash demand equation including the shadow economy. …

We analyze for the first time cash holdings of private households in all euro area countries from 2002 to 2019 within a … panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and … opportunity costs, we concentrate on cashless payments media as substitutes to cash payments and the role of the shadow economy …

which the CBDC is a direct cash-like claim on the central bank, but where the private sector handles all customer … drivers of CBDC development and take stock of design efforts. We set out a comprehensive database of technical approaches and … next take stock of the technical design options. More and more central banks are considering retail CBDC architectures in …

central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow … banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for … inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank …

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior …

Europe and to variations in the demand for black money balances in Europe as a whole. We reject the view that the strength of …

The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why … understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on … social institutions, considering money as one. Such framework allows for the construction of axioms from which we formulate …