On the equivalence of private and public money

• 成果类型: Article
• 署名作者: Brunnermeier, Markus K.; Niepelt, Dirk
• 署名单位: Princeton University; Study Center Gerzensee; University of Bern
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.07.004
• 发表日期: 2019
• 页码: 27-41
• 关键词: Money creation; Monetary system; Inside money; Outside money; EQUIVALENCE; CBDC; Chicago plan; Sovereign money

摘要

When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for equivalence and apply them in the context of the Chicago Plan, cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). Our results imply that CBDC coupled with central bank pass-through funding need not imply a credit crunch nor undermine financial stability. (C) 2019 Published by Elsevier B.V.