that inflation is more robust to changes in the velocity of money if reserve and liquidity requirements are low. Increases … in the velocity of money are associated with higher inflation rates if reserve and liquidity requirements are high. The …

money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …

streams. The second study explores the impact of contactless payment on cash usage in terms of value spending and transaction … reduction in average cash usage at the POS in terms of value and volume. The negative effect of contactless credit and debit … cards on cash volume is 5% and 6%, respectively. The negative impact of contactless credit cards on cash value is estimated …