| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13778 |
| DP13778 On the Equivalence of Private and Public Money | |
| Markus Brunnermeier; Dirk Niepelt | |
| 发表日期 | 2019-06-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We develop a generic model of money and liquidity that identites sources of liquidity bubbles and seignorage rents. We provide sufficient conditions under which a swap of monies leaves the equilibrium allocation and price system unchanged. We apply the equivalence result to the "Chicago Plan," cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). In particular, we show why CBDC need not undermine financial stability. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Money creation Monetary system Inside money Outside money Equivalence Cbdc Chicago plan Sovereign money |
| URL | https://cepr.org/publications/dp13778 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542646 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Dirk Niepelt. DP13778 On the Equivalence of Private and Public Money. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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