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Monetary Policy Implications of Digital Money

  • Berentsen, Aleksander

The term digital money refers to various proposed electronic payment mechanisms designed to be used by consumers to make retail payments. These mechanisms are based either on smart cards or on network money. Smart cards could potentially replace currency as the predominant means to pay for retail purchases. Software-based digital money products (network money) bring cheap electronic funds transfers to individuals and small firms. This paper examines how digital money affects the demand for money and how this process, in turn, affects the demand for reserves, monetary control, and the monetary transmission mechanism. Copyright 1998 by WWZ and Helbing & Lichtenhahn Verlag AG

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Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 51 (1998)
Issue (Month): 1 ()
Pages: 89-117

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Handle: RePEc:bla:kyklos:v:51:y:1998:i:1:p:89-117
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  1. Baltensperger, Ernst, 1980. "Alternative approaches to the theory of the banking firm," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 1-37, January.
  2. Ian Grigg, 1996. "The Effect of Internet Value Transfer Systems on Monetary Policy," Macroeconomics 9607004, EconWPA.
  3. Anthony M. Santomero & John J. Seater, 1996. "Alternative monies and the demand for media of exchange," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 942-964.
  4. Shouyong Shi & Mariana Rojas Breu & Aleksander Berentsen, 2009. "Liquidity and Growth," 2009 Meeting Papers 590, Society for Economic Dynamics.
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