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- W2893417262 abstract "Abstract Money allows agents to achieve allocations that are not possible without it. However, currency in most economies is a uniform object, and there may be incentive compatible allocations that cannot be implemented with a uniform currency. We show that currency reform, i.e., changing the monetary base by replacing one currency with another, is a powerful tool that can enable a monetary authority to achieve a desired allocation. Our monetary mechanism with currency reform is anonymous and features a nonlinear exchange rate between currencies and a monotone value of money. These results help interpret the characteristics of currency reforms observed in practice." @default.
- W2893417262 created "2018-10-05" @default.
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- W2893417262 date "2019-05-01" @default.
- W2893417262 modified "2023-09-26" @default.
- W2893417262 title "On the benefits of currency reform" @default.
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- W2893417262 doi "https://doi.org/10.1016/j.jedc.2019.04.001" @default.
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