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| 01889cam 2200313za 4500 |
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| 001 | 9.867626 |
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| 003 | CaOODSP |
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| 005 | 20221107162350 |
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| 007 | cr ||||||||||| |
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| 008 | 190125s2019 onc #o f|0| 0 eng d |
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| 040 | |aCaOODSP|beng |
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| 041 | |aeng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2019-1E-PDF |
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| 100 | 1 |aZhu, Yu, |d1966- |
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| 245 | 12|aA framework for analyzing monetary policy in an economy with e-money |h[electronic resource] / |cby Yu Zhu and Scott Hendry. |
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| 260 | |aOttawa, Ontario : |bBank of Canada, |c2019. |
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| 300 | |aii, 54 p. |
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| 490 | 1 |aBank of Canada staff working paper, |x1701-9397 ; |v2019-1 |
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| 500 | |a"January 2019." |
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| 504 | |aIncludes bibliographic references. |
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| 520 | |a"This paper considers an economy where central-bank-issued fiat money competes with privately issued e-money. We study a policy-setting game between the central bank and the e-money issuer and find (1) the optimal monetary policy of the central bank depends on the policy of the private issuer and may deviate from the Friedman rule; (2) there may exist multiple equilibria; (3) when the economy approaches a cashless state, the central bank’s optimal policy improves the market power of the e-money issuer and can lead to a discrete decrease in welfare and a discrete increase in inflation; and (4) first best cannot be achieved. Central-bank-issued e-money leads to a simple optimal policy that achieves the first best"--Abstract. |
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| 546 | |aIncludes abstract in French. |
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| 692 | 07|2gccst|aMonetary policy |
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| 692 | 07|2gccst|aElectronic commerce |
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| 700 | 1 |aHendry, Scott. |
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| 710 | 2 |aBank of Canada. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2019-1.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.38 MB|uhttps://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-1-eng.pdf |
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