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Comment on Cavalcanti and Nosal's "Counterfeiting as private money in mechanism design"
Monnet, Cyril - Federal Reserve Bank of Philadelphia - 2010
money and unrestricted money holdings. He shows that when trade takes place in Walrasian markets, counterfeits circulate and …
Persistent link: https://www.econbiz.de/10008676449
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Optimal public money
Monnet, Cyril - 2002
In most countries, the supply of paper money is controlled by a state institution. This paper provides an explanation …
Persistent link: https://www.econbiz.de/10011604205
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Money and payments: a modern perspective
Holthausen, Cornelia; Monnet, Cyril - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …
Persistent link: https://www.econbiz.de/10011604291
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Counterfeiting and inflation
Monnet, Cyril - 2005
In this paper I show that a lax anti-counterfeiting policy is inconsistent with price stability. I use a deterministic matching model with no commitment and no enforcement. An intrinsically worthless but perfectly durable object called a ‘note’ can be produced by banks at a given cost, but...
Persistent link: https://www.econbiz.de/10011604558
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Credit and the no-surcharge rule
Monnet, Cyril; Roberds, William - 2006
A controversial aspect of payment cards has been the 'no-surcharge rule.' This rule, which is part of the contract between the card provider and a merchant, states that the merchant cannot charge a customer who pays by card more than a customer who pays by cash. In this paper we consider the...
Persistent link: https://www.econbiz.de/10010292352
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Money and payments: a modern perspective
Holthausen, Cornelia; Monnet, Cyril - European Central Bank - 2003
The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …
Persistent link: https://www.econbiz.de/10005530959
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Permissioned distributed ledgers and the governance of money
Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song - 2021
We explore the economics and optimal design of "permissioned" distributed ledger technology (DLT) in a credit economy. Designated validators verify transactions and update the ledger at a cost that is derived from a supermajority voting rule, thus giving rise to a public good provision game....
Persistent link: https://www.econbiz.de/10012625331
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Distributed Ledgers and the Governance of Money
Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song - 2021
Blockchain technology breathes new life into the classical analysis of money as a substitute for a ledger of all past …
Persistent link: https://www.econbiz.de/10012671252
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Money and interest rates
Monnet, Cyril; Weber, Warren E. - In: Quarterly Review (2001) Fall, pp. 2-13
: that between money and interest rates. Data since 1960 for about 40 countries support the Fisher equation view, that these … the change in money occurs and how long the public expects it to last. A surprise money change that is not expected to … change future money growth moves interest rates in the opposite direction; one that is expected to change future money growth …
Persistent link: https://www.econbiz.de/10005360938
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Counterfeiting and inflation
Monnet, Cyril - European Central Bank - 2005
In this paper I show that a lax anti-counterfeiting policy is inconsistent with price stability. I use a deterministic matching model with no commitment and no enforcement. An intrinsically worthless but perfectly durable object called a ‘note’ can be produced by banks at a given cost, but...
Persistent link: https://www.econbiz.de/10005222409