Abstract

http://ssrn.com/abstract=714265
 
 

References (20)



 
 

Citations (4)



 


 



Money is Privacy


Charles M. Kahn


University of Illinois, Urbana-Champaign

James McAndrews


Federal Reserve Bank of New York

William Roberds


Federal Reserve Bank of Atlanta


International Economic Review, Vol. 46, No. 2, pp. 377-399, May 2005

Abstract:     
An extensive literature in monetary theory has emphasized the role of money as a record-keeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information and thus the cost of credit-based transactions continues to fall. In this article we investigate another use for money, the provision of privacy. That is, a money purchase does not identify the purchaser, whereas a credit purchase does. In a simple trading economy with moral hazard, we compare the efficiency of money and credit, and find that money may be useful even when information is free.

Number of Pages in PDF File: 23

Accepted Paper Series


Date posted: May 5, 2005  

Suggested Citation

Kahn, Charles M. and McAndrews, James and Roberds, William, Money is Privacy. International Economic Review, Vol. 46, No. 2, pp. 377-399, May 2005. Available at SSRN: http://ssrn.com/abstract=714265

Contact Information

Charles M. Kahn
University of Illinois, Urbana-Champaign ( email )
Department of Finance
340 Wohlers Hall
Champaign, IL 61820
United States
217-333-2813 (Phone)
HOME PAGE: http://kahnfrance.com/cmk/
James McAndrews
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
212-720-5063 (Phone)
212-720-8353 (Fax)
William Roberds (Contact Author)
Federal Reserve Bank of Atlanta ( email )
1000 Peachtree Street N.E.
Atlanta, GA 30309-4470
United States
404-498-8970 (Phone)
404-498-8956 (Fax)
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