emergency currency during a financial crisis and (2) the Federal Reserve Act of 1913 which established a central bank. We employ …

history of six countries where there is sufficient information, three in Europe (England, France, and Italy) and three in the …

formal quantitative analysis. We begin with studies of the Dutch Republic, England, the U.S., France, Germany and Japan that …

A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely … investment than a currency …

quality” to the international currency. However, in the Euro crisis, that of the Sterling pound became equally low, while the … deviations across the European currencies in the two crises. Currency-specific money market risk was critical in explaining the …

More than half of U.S. currency circulates abroad. As a result, much of the seignorage income of the United States is … foreign demand for its currency. In the absence of such demand, the model implies that the Friedman rule--deflation at the … foreign demand for domestic currency is taken into account, the Friedman rule ceases to be Ramsey optimal. Calibrated versions …

to be invoiced in the importer's currency. We offer a potential theoretical explanation for the empirical link between …

Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency … uniform currency, insofar as it is free of counterparty and liquidity risk, facilitates economic activity. But will digital … maintain their stability is doubtful. The one unit that can clearly meet these challenges is central bank digital currency. But …