Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money … technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank …'s existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system (as …

equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second …

We document that, across households, the money consumption ratio increases with age and decreases with consumption, and … that there has been a large increase in the money consumption ratio during the recent era of very low interest rates. We … construct an overlapping generations (OLG) model of money holdings for transaction purposes subject to age (older households use …

What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money … system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme? This paper provides a … first attempt to develop a micro-founded, dynamic, general-equilibrium model of e-money for investigating these policy …