This book examines the characteristics of monetary institutions and the ways in which a clear understanding of money, and a sense of what we can know about money, can improve our comprehension on monetary policy. It establishes a link between abstract and theoretical aspects of monetary theory...

The creation of central bank digital currencies, or CBDCs, is typically discussed from the standpoint of tradeoffs, as if the crucial question at hand were only how to improve the efficiency and security of the payment system, or, more ambitiously, how to design money to fend off global warming,...