Many central banks are contemplating whether to issue a central bank digital currency
(CBDC). A CBDC has certain potential benefits, including the possibility that it can bear …

We analyze money and credit as competing payment instruments in decentralized
exchange. In natural environments, we show the economy does not need both: if credit is …

African-American students are considerably more likely than their white peers to be rated as
disruptive by their teacher and experience school discipline, but are also much less likely to …

This paper studies the relationship between the availability of unsecured credit to
households and unemployment. We extend the Mortensen–Pissarides model to include a …

In many industrialized countries, cash usage at points of sale has been decreasing owing to
competition from alternative means of payment such as credit cards. At the same time, cash …

This document serves as an update with discussion of the accompanying new interactive
visualization and table tool. Recently, multiple economists have banded together to suggest …

With the rapid development and application of information technology, blockchain
technology (BT) has become an important means to promote the integration of the real …

We study the choice of payment instruments in a model with money and credit, where sellers
must invest in a record-keeping technology to accept credit and buyers have limited …

When lenders cannot force borrowers to repay debts, assets are often pledged to secure
loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of …

We develop a theory of money and credit as competing payment instruments, then put it to
work in applications. Agents use cash and credit because the former (latter) is subject to the …