central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

The mechanism-design approach to monetary theory is the search for fruitful settings in which money is necessary for …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency …

Summary: On the example of the issue of contemporary coined and paper money, the author observes and proves the … benefits as well as promotional effects. By incorporating new approaches in the issuing of contemporary money in cash form … proves that these approaches are apart of the financial science, especially the science about the money, and that the …

A model is developed that employs recent developments in the literature on search models of money to capture the … distributional effects of monetary policy in a tractable way. Deterministic and stochastic versions of the model are studied. Money … is not neutral, and these non-neutralities persist, whether or not the change in the money supply is anticipated or …

money holdings. We have two basic objectives. First, we want to understand under what types of heterogeneity a simple … examine the relationship between inflation and consumption inequality in the economy …

The welfare cost of anticipated inflation is quantified in a calibrated model of the U.S. economy that exhibits … tractable equilibrium dispersion in wealth and earnings. Inflation does not generate large losses in societal welfare, yet its … impact varies noticeably across segments of society depending also on the financial sophistication of the economy. If money …

risk with both money and nominal government bonds, but all trades must be monetized. We demonstrate that a deflationary … the return money can pay. The efficient allocation can be sustained when bonds have positive yields and – under certain …