ECON 3430 Lecture Notes - Lecture 8: Cashless Society, Digital Currency, Ecash
19 Jan 2018
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Evolution of the payments system (cont"d: cheques. An instruction to your bank to transfer money from your account to so(cid:373)eo(cid:374)e else"s accou(cid:374)t. Lowers transaction costs, but take times to clear. Growth rates of monetary aggregates: does it matter which measure of money is considered, aggregates can move in different directions in the short run, conclusion: the choice of monetary aggregate is important for policymakers. Fyi: where are all the dollars: there is almost of currency held per person in the canada and over. of u. s. currency per person in the united states. Foreigners (especially for u. s. dollars: money as a weighted aggregate, the bank of canada"s money supply measures are (cid:862)simple-sum(cid:863) indices, the index. M = x1 + x2 + + xn , were xj is one of the n monetary components of the monetary aggregate m. Weighted monetary aggregates seem to predict inflation and the business cycle somewhat better than the conventional measures: revisions are issued because:
