at M ā
A. Rahman, Liang Wang
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Jul 2026
Interest-bearing money and banking in a news economy
Abstract Private currencies can facilitate intertemporal exchange under limited commitment but exhibit excessive volatility when backed by productive assets subject to news shocks. I develop a model where banks issue deposits backed by firms’ output as collateral, with deposits circulating as currency. Adverse news abo...
A. Rahman
· Macroeconomic Dynamics · 0 citations