Martin Summer

Would widely used stablecoins raise prices? This paper studies coins backed by government debt in a general equilibrium model of money and inflation. Such backing turns government bonds into spendable payment capacity, so the price level rises as adoption spreads. Monetary policy can offset the ...

As central banks develop digital currencies for public use, a critical challenge is protecting the privacy of granular data trails that digital payments leave behind. This paper argues that privacy should be a built-in feature of digital money, not a trade-off with crime prevention. Drawing on ...