The rise of global finance in the latter half of the twentieth century has long been understood as one chapter in a larger story about the postwar growth of the United States. This book challenges this popular narrative. Revealing the Anglo-American origins of financial globalization, Jeremy...

A constant price level facilitates cooperation among firms whereas steady inflation and deflation rates lower firms' ability to cooperate. In an experimental market with price competition we show that both inflation and deflation signicantly reduce cooperation compared to treatments with a...

Low key rates hurt the profits of deposit-taking institutions in a differentiated Bertrand game if there is neither a tax on banknotes, nor a limit on its quantity, nor a reduction of its quality. By making the electronic dollar the unit of account and taxing paper currency, the central bank can...