@article{124066,
  author = {Markus K. Brunnermeier and Dirk Niepelt},
  title = {On the Equivalence of Private and Public Money},
  abstract = { We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We provide sufficient conditions under which a swap of monies leaves the equilibrium allocation and price system unchanged. We apply the equivalence result to the {\textquoteleft}{\textquoteleft}Chicago Plan,{\textquoteright}{\textquoteright} cryptocurrencies, the Indian de-monetization experiment, and Central Bank Digital Currency (CBDC). In particular, we show why CBDC need not undermine financial stability. },
  year = {2019},
  journal = {Journal of Monetary Economics},
  volume = {106},
  pages = {27-41},
  url = {https://www.niepelt.ch/files/jme2019.pdf},
  language = {eng},
}