Digitalisation can be viewed as a major supply/technology shock affecting macroeconomic aggregates that are important for monetary policy, such as output, productivity, investment, employment and prices. This paper takes stock of developments in the digital economy and their possible impacts...

A general model of intertemporal consumption choice is developed, following Samuelson`s 1958 OLG-approach. The efficiency properties of the model are discussed with and without the introduction of durable goods, of productive capital, and fiat money. It is shown that the criterion of golden rule...