In June 2018 the"Vollgeld" initiative will be submitted to the Swiss people.We contribute to the ongoing discussion of a sovereign money system, by providing a price-theoretic model for the money supply under a "Vollgeld"-system. As banks would no longer have the ability to create money,they are...

In this study, we provide a systemic perspective on central bank digital currencies (CBDC). We separate existing proposals for CBDCs into the perspective of new payment objects, made available by central banks to a broader public, and new payment systems, operated by central banks. From a...

This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy - targets, institutions, strategies, and instruments - but traditional and contemporary theoretical approaches to...