monetary policy implications of electronic currency an empirical analysis christopher fogelstrom ann l owen hamilton college february 2004 abstract using the 2001 survey consumer finances we find evidence that is not a substitute for money held in checking accounts although it associated with holding lower balances savings these findings allay concerns private sector issuance will inhibit ability central banks to conduct jel codes e41 e52 e61 key words demand corresponding author aowen edu economics department 198 hill road clinton ny 13323 phone 315 859 4419 fax 4477 are grateful julio videras and stephen wu helpful comments 1evidence this point can be seen numerous speeches publications reports by economists officials at international banking agencies see example bank settlements 1996 european 1998 meyer or organisation economic cooperation development 2002 1 introduction products has been closely watched phenomena developed countries still
