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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- Woodford, Michael, 2000.
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Wiley Blackwell, vol. 3(2), pages 229-60, July.
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