From private banking to central banking: ingredients of a welfare analysis∗
نویسنده
چکیده
An earlier analysis that compares allocations achievable using inside (private) money to those achievable using outside (government) money is extended. It is shown that outside-money allocations are a subset of inside-money allocations provided that the inside money issued by one issuer can be distinguished from that issued by others. If that recognizability assumption is weakened, then the subset result could conceivably be over-turned. Even so, the analysis suggests that the outside-money arrangement, with its uniform money, should be managed so as to attain some of the benefits of inside money. JEL classification: E 40
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