The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …

money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we … projecting stable growth in broad money after the financial crisis. We also run a counterfactual which suggests that, if the … Federal Reserve had not provided bank reserves on such a large scale, broad money would have fallen, the economy might have …

monetary base rule which responds only to the money demand shocks in the model. We solve the model with this counterfactual …

money (bank reserves) once the policy rate had reached the lower bound. To capture the salient features of the crisis, we … projecting stable growth in broad money after the financial crisis. We also run a counterfactual which suggests that, if the … Federal Reserve had not provided bank reserves on such a large scale, broad money would have fallen, the economy might have …

economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the …

. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To …