The slides (PDF) of a recent presentation of mine at a round table on the future of finance.
Read More »Private vs. Public Money
The slides (PDF) of a recent presentation of mine at a round table on the future of finance.
Read More »JPM Coin
In the FT, Robert Armstrong reports about the new “JPM coin” launched by JP Morgan. “JPM Coins” will be transferable over a blockchain between the accounts of the bank’s corporate clients, who will purchase and redeem them for dollars at a fixed 1:1 ratio, making them “stablecoins” in the crypto-jargon. The technology will facilitate near-instantaneous settlement of these money transfers and will, according to the bank, mitigate counterparty risk. According to my reading, the coins are...
Read More »JPM Coin
In the FT, Robert Armstrong reports about the new “JPM coin” launched by JP Morgan. “JPM Coins” will be transferable over a blockchain between the accounts of the bank’s corporate clients, who will purchase and redeem them for dollars at a fixed 1:1 ratio, making them “stablecoins” in the crypto-jargon. The technology will facilitate near-instantaneous settlement of these money transfers and will, according to the bank, mitigate counterparty risk. According to my reading, the coins are...
Read More »“Fiscal and Monetary Policies,” Bern, Spring 2019
MA course at the University of Bern. The classes follow these notes and build on the material covered in the macro II course. Uni Bern’s official course page. The course TA is Lukas Völlmy. Main contents: Concepts. RA model with government spending and taxes. Government debt in RA model. Government debt and social security in OLG model. Neutrality results. Consolidated government budget constraint. Fiscal effects on inflation. Game of chicken. FTPL. Active and passive policies. Tax...
Read More »“Fiscal and Monetary Policies,” Bern, Spring 2019
MA course at the University of Bern. The classes follow these notes and build on the material covered in the macro II course. Uni Bern’s official course page. The course TA is Lukas Völlmy. Main contents: Concepts. RA model with government spending and taxes. Government debt in RA model. Government debt and social security in OLG model. Neutrality results. Consolidated government budget constraint. Fiscal effects on inflation. Game of chicken. FTPL. Active and passive policies. Tax...
Read More »Why Did Swedish Kronor Circulation Decline … Until Now?
On his blog, JP Koning argues that very short conversion periods rendered it unattractive for Swedes to hold cash. He also suggests that it were the banks that pushed for the short periods. While digital payments share some of the blame for the obsolescence of paper kronor, the Riksbank is also responsible. The Riksbank betrayed the Swedish cash-using public this decade by embarking on an aggressive note switch. Had it chosen a more customer friendly approach, Swedes would be holding a...
Read More »Why Did Swedish Kronor Circulation Decline … Until Now?
On his blog, JP Koning argues that very short conversion periods rendered it unattractive for Swedes to hold cash. He also suggests that it were the banks that pushed for the short periods. While digital payments share some of the blame for the obsolescence of paper kronor, the Riksbank is also responsible. The Riksbank betrayed the Swedish cash-using public this decade by embarking on an aggressive note switch. Had it chosen a more customer friendly approach, Swedes would be holding a...
Read More »Cash Holdings Have Become Less Cyclical
On his blog, JP Koning reports that [b]oth the Christmas bump and the sawtooth pattern arising from monthly payrolls are less noticeable than previous years. But these patterns remain more apparent for Canadian dollars than U.S. dollars. Not because Canadians like cash more than Americans. We don’t, and are probably further along the path towards digital payments then they are. Rather, the percentage of U.S. dollars held overseas is much larger than Canadian dollars, so domestic usage of...
Read More »Cash Holdings Have Become Less Cyclical
On his blog, JP Koning reports that [b]oth the Christmas bump and the sawtooth pattern arising from monthly payrolls are less noticeable than previous years. But these patterns remain more apparent for Canadian dollars than U.S. dollars. Not because Canadians like cash more than Americans. We don’t, and are probably further along the path towards digital payments then they are. Rather, the percentage of U.S. dollars held overseas is much larger than Canadian dollars, so domestic usage of...
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