; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Money Is an Experience Good: Competition and Trust in the Private Provision of Money"; ; "batchuser@example.com"; "Nicolini, Juan Pablo", "Teles, Pedro", "Marimon, Ramon, 1953-"; "Federal Reserve Bank of Minneapolis"; "Trust", "Currency competition", "Inflation"; "E58 - Central Banks and Their Policies", "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General", "E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General", "E40 - Money and Interest Rates: General"; "The interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money is studied. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can be observed only after its purchasing capacity is realized. In this sense, money is an experience good."^^; "2012-07-20"; "2019-06-04T14:51:03.874637387+00:00"^^; "https://doi.org/10.21034/sr.467"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:23:15 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "489", "562", "780"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "467"; "Inflation", "Trust", "Currency competition"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Monetary Economics_ (Vol. 59, Issue 8, December 2012, pp. 815-825) https://doi.org/10.1016/j.jmoneco.2012.10.006. "^^; ; "Publication" . ; .