The e-monetary theory
The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, he assesses the efficacy of unconventional monetary policy since the Great Recession. After...
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| Format: | Article |
| Language: | English |
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De Gruyter
2020-12-01
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| Series: | Economics : the Open-Access, Open-Assessment e-Journal |
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| Online Access: | https://doi.org/10.5018/economics-ejournal.ja.2020-13 |