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that analyze the impact of such evolution on the demand for cash. Beyond data availability, this research is complicated by … the fact that the debit card provides two services for consumers, cash withdrawal and payment, that have contrasted … effects on cash holdings and cash usage. Using micro-level data, we estimate the impacts of both services on the demand for …
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Note: This is a description of the paper and not the abstract as it appeared in the print journal. Some economists believe that the competitive survival of non-interest-bearing currency--the absence of price competition from markets for stored-value cards, banknotes, and token coins--implies a...
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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...
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drowning in cash—and it’s making us poorer and less safe. In The Curse of Cash, acclaimed economist Kenneth Rogoff explores the … conventional economic wisdom, paper money surprisingly lies at the heart of some of the world’s most difficult problems.Cash is …
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