This paper compares digital and physical currency, focusing on a single intrinsic difference: digital, unlike physical currency, allows the monetary au- thority to trace the monetary flows in and out of the accounts. We show that this technological advance in record-keeping can be used by the monetary au- thority to improve upon physical currency and achieve efficiency in a wide range of circumstances.
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Nicola Amendola
Luís Araújo
Leo Ferraris
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Amendola et al. (Thu,) studied this question.