Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new
digital forms of money. Central banks have been pondering whether and how to adapt. One …

Whoever wants to come to a good and sound conclusion must not make up his mind before
paying attention to all arguments, or (as the say goes)“bring the verdict to Senate from …

The holy grail of cross-border payments is a solution allowing cross-border payments to be
immediate, cheap, universal, and settled in a secure settlement medium. The search for …

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new
digital forms of money. Central banks have been pondering wheter and how to adapt. One …

Keynesian (or Kaleckian) logic leads post Keynesian economists to presume that a variation
of state revenues from taxes and sales of Treasury bonds are the result of a variation in state …

The Dutch bank florin was the dominant currency in Europe during much of the 17th and
18th centuries. The florin, a fiat money, was managed by an early central bank, the Bank of …

A well-functioning monetary system is characterized by public and private forms of money
that exchange at par as value flows freely between them. This is essential for efficient …

Several cryptocurrencies are now circulating in the economy. Many have significant market
value measured in national currencies. The intention behind most of these currencies is to …

In earlier times, societies relied extensively on “(“I owe you”) to avert the need for settlement
in specie. However, an IOU reliant economy is complex and fraught with financial stability …

One of the signature policy achievements of the Progressive era was the passage of the
Federal Reserve Act in 1913. This paper argues that the original Act did not create an …