Monetary policy implications of electronic currency: an empirical analysis
Using the 2001 Survey of Consumer Finances, evidence is found that electronic currency is not a substitute for demand deposits: electronic currency ownership is associated with holding higher balances in checking accounts. These findings allay concerns that private sector issuance of electronic currency will inhibit the ability of central banks to conduct monetary policy.
Volume (Year): 12 (2005)
Issue (Month): 7 ()
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- Benjamin M. Friedman, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," NBER Working Papers 7955, National Bureau of Economic Research, Inc.
- Woodford, Michael, 2000.
"Monetary Policy in a World without Money,"
Wiley Blackwell, vol. 3(2), pages 229-260, July.
- Michael Woodford, 2000. "Monetary Policy in a World Without Money," NBER Working Papers 7853, National Bureau of Economic Research, Inc.
- Duca, John V & Whitesell, William C, 1995. "Credit Cards and Money Demand: A Cross-sectional Study," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(2), pages 604-623, May.
- Duca, John V. & Whitesell, William C., 1991. "Credit cards and money demand: a cross-sectional study," Working Papers 9112, Federal Reserve Bank of Dallas.
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