Monetary Policy in a Cashless Society-P. de Grauwe

Paul De Grauwe and Claudia Costa have published in association with the Centre for Economic and Policy Research a discussion paper titled "Monetary Policy in a Cashless Society". Their main conclusion is that the central bank will lose its traditional instruments of monetary policy - open market operations and advances to banks. They give two possible routes for the central bank to follow to maintain its control over interest rates - use the treasury to obtain revenues, or to increase its

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