| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25877 |
| 来源ID | Working Paper 25877 |
| On the Equivalence of Private and Public Money | |
| Markus K. Brunnermeier; Dirk Niepelt | |
| 发表日期 | 2019-05-27 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We develop a generic model of money and liquidity that identifies 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 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w25877 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583550 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Dirk Niepelt. On the Equivalence of Private and Public Money. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25877.pdf（429KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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