Physical versus digital currency A difference that makes a difference

• 成果类型: Article
• 署名作者: Amendola, Nicola; Araujo, Luis; Ferraris, Leo
• 署名单位: University of Rome Tor Vergata; Sapienza University Rome; Michigan State University; Getulio Vargas Foundation; University of Milano-Bicocca
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• DOI: 10.3982/TE6479
• 发表日期: 2026
• 关键词: money; inflation; POLICY

摘要

This paper compares digital and physical currency, focusing on a single intrinsic difference: digital, unlike physical currency, allows the monetary authority to trace the monetary flows in and out of the accounts. We show that this technological advance in recordkeeping can be used by the monetary authority to improve upon physical currency and achieve efficiency in a wide range of circumstances.