classifies an item as money if and only if it functions as a commonly-accepted medium of exchange. Then, we show that the demand …In a recent article, Yermack (2015) argues that bitcoin is not money because it functions poorly as a medium of … exchange, unit of account, and store of value. We offer a more conventional view. We maintain that the standard approach …

The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and … Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins … quantum money. These forms of money have novel properties that have not been studied extensively within the economics …

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 …

arguably evolved as a result of free-markets. Already, advances in technology has revolutionized the medium of exchange from …

such pro is to get rid of paper money (and coinage), a ubiquitous medium for spreading germs, as highlighted by the recent …

reduced their ability to fulfil the basic functions of money and hence their attractiveness as a medium of exchange. More …

Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a … development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central … monetary and fiscal policies. Also, the optimal size of monetary unions would be different. However, the current level of e-money …