What We Mean by “Good Money”

Brendan Brown () and Robert Pringle ()
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Brendan Brown: Hudson Institute
Robert Pringle: Central Banking Publications

Chapter Chapter 4 in A Guide to Good Money, 2022, pp 49-66 from Springer

Abstract: Abstract This is one of the core chapters of the book as it describes the authors’ ideas about the essence of good money. It introduces a fundamental and novel concept—that of super-money. Super-money is distinctive in possessing qualities that the core assets of money must possess for there to be a broad and stable demand for what economists call “high-powered” money. The architects of a good money regime have to lay the foundations for super-money qualities to flourish.

Keywords: Desensitising money demand to interest rates; Essence of good money; Four money functions—store of value; means of payment; deferred standard; numeraire; Good money for individual is good money for society; High-powered money’s overlap with super-money; Is good money characterised by long-run falling prices or stable prices; Importance of super-money qualities for core assets in good money; Natural rhythm of prices up and down under good money; What makes money a good store of value (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-06041-0_4

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DOI: 10.1007/978-3-031-06041-0_4

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