central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …, possibilities for tax evasion, and, potentially, nominal rates of return. We establish conditions under which cash and CBDC can co …-exist and show how government policies can in uence relative holdings of cash, CBDC, and other assets. We illustrate how a CBDC …

What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e … welfare in a cash economy. A model that features both trading frictions and two-sided platforms is then built and used to … emoney depends critically on whether cash is a viable alternative to e-money as a means of payment. When it is not (e.g., for …

implement and improve the constrained optimal resource allocation. We find that, compared to cash, emoney technologies allowing …

credible commitment to return to the commodity standard, the suspension of cash payments maintains the value and circulation of … money. Lessons and evidence are taken from England's experience of the suspension of cash payments between 1797 and 1821 …