One of the fundamental questions concerning inside money is whether its issuers should be regulated and how. This paper evaluates the efficiency of one prevalent regulatory recommendation -- a requirement that private issuers redeem inside money on demand at par -- in a random-matching model of money where the issuers of inside money are only imperfectly monitored. I find that for sufficiently imperfect monitoring, a par redemption requirement leads to lower social welfare than if private money were redeemed at a discount. A central message of the paper is that if inside money and outside money are not perfect substitutes for one another, as is the case if there is sufficiently imperfect monitoring, a par redemption requirement may not be s...
This paper presents an integrated theory of money and banking. I address the following question: whe...
Money norms present a fundamental contradiction. Norms embody the social sphere, a system of interna...
We examine a decentralized monetary economy in which households can use a means of exchange (barter ...
This paper examines the role of money when private information about the quality of the goods is pre...
We study competition between inside and outside money in economies with trading fric-tions and Þnanc...
This paper, originally published in 1988, argues that there is nothing special about government-issu...
We study the interplay between competition and trust as efficiency-enhancing mechanims in the privat...
We describe counterfeiting activity as the issuance of private money, one which is di ¢ cult to moni...
(First Version March 2011) We study the role of the private sector in creating inside money. We show...
The interplay between competition and trust as efficiency-enhancing mechanisms in the private provis...
We study how competition from privately supplied currency substitutes affects monetary equilibria. W...
I review in this paper some recent literature that deals with the coexistence of inside and outside ...
Temzelides and Williamson present a model of private currency issuance to study the effect of cleari...
We introduce an element of centralization in a random matching model of money that allows for privat...
We review arguments for and against reserve requirements and conclude that the main question is whet...
This paper presents an integrated theory of money and banking. I address the following question: whe...
Money norms present a fundamental contradiction. Norms embody the social sphere, a system of interna...
We examine a decentralized monetary economy in which households can use a means of exchange (barter ...
This paper examines the role of money when private information about the quality of the goods is pre...
We study competition between inside and outside money in economies with trading fric-tions and Þnanc...
This paper, originally published in 1988, argues that there is nothing special about government-issu...
We study the interplay between competition and trust as efficiency-enhancing mechanims in the privat...
We describe counterfeiting activity as the issuance of private money, one which is di ¢ cult to moni...
(First Version March 2011) We study the role of the private sector in creating inside money. We show...
The interplay between competition and trust as efficiency-enhancing mechanisms in the private provis...
We study how competition from privately supplied currency substitutes affects monetary equilibria. W...
I review in this paper some recent literature that deals with the coexistence of inside and outside ...
Temzelides and Williamson present a model of private currency issuance to study the effect of cleari...
We introduce an element of centralization in a random matching model of money that allows for privat...
We review arguments for and against reserve requirements and conclude that the main question is whet...
This paper presents an integrated theory of money and banking. I address the following question: whe...
Money norms present a fundamental contradiction. Norms embody the social sphere, a system of interna...
We examine a decentralized monetary economy in which households can use a means of exchange (barter ...