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Monetary policy implications of electronic currency: an empirical analysis

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  • Ann Owen
  • Christopher Fogelstrom

Abstract

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.

Suggested Citation

  • Ann Owen & Christopher Fogelstrom, 2005. "Monetary policy implications of electronic currency: an empirical analysis," Applied Economics Letters, Taylor & Francis Journals, vol. 12(7), pages 419-423.
  • Handle: RePEc:taf:apeclt:v:12:y:2005:i:7:p:419-423
    DOI: 10.1080/13504850500092509
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    References listed on IDEAS

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    1. 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.
    2. Woodford, Michael, 2000. "Monetary Policy in a World without Money," International Finance, Wiley Blackwell, vol. 3(2), pages 229-260, July.
    3. 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.
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