The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given … monetary models which arbitrarily restrict the marketability properties of alternative assets to make money valuable are … difficult to assess. In this paper, I provide a framework in which Öat money has value in equilibrium, even though a higher …

-wide uncertainty and in the process also contribute to the literature on portfolio rebalancing. Our general point is that money matters …

the demand for money. Exogeneous or endogenous money supply? The different positions taken in the literature on the …

Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been … money. Is that because quantities of money are irrelevant to economic activity? To examine the role of monetary quantities … Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary …

money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the … implementation of CBDC in terms of their monetary policy implications. In the ‘money user scenario' CBDC co-exists with both cash and … commercial bank deposits. In the ‘money manager scenario' cash is abolished and CBDC co-exists only with commercial bank deposits …

This paper develops a new theory of seigniorage suited to modern economies where the majority of money is created not … state, the central bank, commercial banks and the non-bank private sector in terms of their identities as ‘money creators …' and ‘money users'. The new typology differentiates between seigniorage profits arising from interest rate spreads on …

Bitcoin is the most successful cryptocurrency and one of the best types of private money ever. The blockchain … digital realm: as such it might play a role in shaping the future of money and our digital civilization …

aggregate (CEMA) for India using the components of a broad monetary aggregate NM3 recommended by the working group on Money … aggregate via a money demand function are compared with its simple sum counterpart NM3. The results suggest the superiority of …