nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2020‒01‒06
twenty-two papers chosen by

  1. A Tale of Two Countries: Cash Demand in Canada and Sweden By Engert, Walter; Fung, Ben; Segendorf, Björn
  2. The Development of Digital Economy in Indonesia By Themy, Bryan Julio
  3. Summary of the Report of the Study Group on Legal Issues regarding Central Bank Digital Currency By Kenji Hayashi; Hiroyuki Takano; Makoto Chiba; Yasuhiro Takamoto
  4. Emerging Technologies, Corporate Social Responsibility and Sustainability: The Perception of Business Students in Ghana By Duho, King Carl Tornam; Onumah, Joseph Mensah; Simpson, Samuel Nana Yaw; Onumah, Regina Mensah
  5. U.S. Regulations and Approaches to Cryptocurrencies By Michael Held
  6. Ride-hailing platforms are shaping the future of mobility, but for whom? By Young, Mischa; Farber, Steven
  7. How data analytics drive sharing economy business models? By Soraya SEDKAOUI; Rafika Benaichouba
  8. Can Technological Development affect positively Employment Policy? By JOURNALS, INTERNATIONAL SCIENTIFIC Available online at; Al-Saleh, Omar H.; Allen, Martin B.
  9. An Internet of Ownership: Democratic Design for the Online Economy By Schneider, Nathan
  10. Improving Access to Savings through Mobile Money: Experimental Evidence from African Smallholder Farmers By Batista, Catia; Vicente, Pedro C.
  11. How disruptive are disruptive operators? By Pierre Vialle; Jason Whalley; Xavier Parisot
  12. A Mean Field Games Model for Cryptocurrency Mining By Zongxi Li; A. Max Reppen; Ronnie Sircar
  13. How Broadband Internet Affects Labor Market Matching By Bhuller, Manudeep; Kostøl, Andreas; Vigtel, Trond Christian
  14. Using Massive Online Choice Experiments to Measure Changes in Well-being By Brynjolfsson, Erik; Collis, Avinash; Eggers, Felix
  15. Attitudes and Opinions of Social Media Users Towards Smart Meters' Rollout in Turkey By Yash Chawla; Anna Kowalska-Pyzalska; Burcu Oralhan
  16. Coexistence of several currencies in presence of increasing returns to adoption By Alex Lamarche-Perrin; André Orléan; Pablo Jensen
  17. IPRs and Appropriability in the Digital Era: Evidence from the Swedish Video (Computer) Games Industry By Long, Vicky
  18. The crowdfunding of sport -paving the way to shared sponsorship? By Marie-Josèphe Leroux-Sostenes; Emmanuel Bayle
  19. Marketing and communications channels for diffusion of smart meters in Portugal By Yash Chawla; Anna Kowalska-Pyzalska; Paulo Duarte Silveira
  20. Update on Digital Currencies, Stablecoins, and the Challenges Ahead : a speech on the Monetary Policy, Technology, and Globalisation Panel at "Monetary Policy: The Challenges Ahead," an ECB Colloquium Held in Honour of Benoît Coeuré, Frankfurt, Germany, December 18, 2019. By Lael Brainard
  21. How Central Bankers Learned to Love Financialization: The Fed, the Bank, and the Enlisting of Unfettered Markets in the Conduct of Monetary Policy By Walter, Timo; Wansleben, Leon
  22. Book Review: Donald Kettl, Little Bites of Big Data for Public Policy By Li, Huafang

  1. By: Engert, Walter (Bank of Canada); Fung, Ben (Bank of Canada); Segendorf, Björn (Financial Stability Department, Central Bank of Sweden)
    Abstract: Cash is being used less and less for making payments in many countries, including Canada and Sweden, which might suggest that cash will eventually disappear. However, cash in circulation in most countries, including Canada, has been stable for decades, and even rising in recent years. In contrast, aggregate cash demand in Sweden has been falling steadily. This paper explains these differences between Canada and Sweden by focusing separately on the transactions demand for cash and on the store-of-value demand. We find a long-term downward trend in small-denomination bank notes relative to gross domestic product in both Canada and Sweden. This reflects similar experiences in decreasing cash use for transactions over time due to the adoption of payment innovations. This means that payment innovations and diffusion are not sufficient to explain why aggregate cash demand has been declining rapidly in Sweden but not in Canada. Instead, the difference in the trends of cash demand between these two countries is due more to the behaviour of larger-denomination, store-of-value bank notes. Finally, we identify influences and frictions that help explain the persistent decline in the demand for larger bank notes in Sweden relative to Canada.
    Keywords: Bank notes; Digital currencies and fi ntech; Financial services; Payment clearing and settlement systems.
    JEL: E40 E41 E42 E50
    Date: 2019–08–01
  2. By: Themy, Bryan Julio
    Abstract: Industri perbankan juga berlomba-lomba menawarkan berbagai inovasi baru dalam pelayan perbankan digital, seperti misalnya jika kita akan membuka tabungan deposito di salah satu bank, maka kita bisa membuka tabungan tersebut secara digital tanpa perlu datang ke bank. Setelah itu kita juga bisa menyetor uang ke deposito tersebut secara online lewat mobile banking dan kita juga bisa melihat perubahan investasi deposito kita langsung lewat smartphone kita.
    Date: 2019–08–27
  3. By: Kenji Hayashi (Bank of Japan); Hiroyuki Takano (Bank of Japan); Makoto Chiba (Bank of Japan); Yasuhiro Takamoto (Bank of Japan)
    Abstract: This article introduces the main findings of the Report of the Study Group on Legal Issues regarding Central Bank Digital Currency (CBDC). Based on four stylized models of CBDC issuance, the Report discusses what legal issues would arise within the Japanese legal framework if the Bank of Japan were to issue its own CBDC.
    Keywords: central bank digital currency; CBDC; means of payment; central bank money; account-based; token-based; intermediating institution; legality; general acceptance; Bank of Japan Act; private law; administrative law; competition law; cyber law; criminal law
    JEL: G20 K14 K21 K22 K23
    Date: 2019–12–24
  4. By: Duho, King Carl Tornam; Onumah, Joseph Mensah; Simpson, Samuel Nana Yaw; Onumah, Regina Mensah
    Abstract: The present fourth industrial revolution is characterized by concerns for technological advancement. Studies in literature have examined the factors that affect the perception of business students towards either corporate social responsibility or sustainability or both. Yet, there has not been any study that examines how students’ embracing, knowledge and ability to make business cases out of these emerging technologies affect either corporate social responsibility or sustainability. The current study filled this gap by using a survey dataset of 150 business students of the University of Ghana Business School. The study employed the partial least squares structural equation modelling to examine the relationships. Generally, the students have a relatively higher concern for corporate social responsibility and sustainability. As regards the knowledge of emerging technologies, responses are just a little above average. The top four technologies with high student knowledge are the internet of things, mobility technology, digital service delivery and cybersecurity while the bottom four are blockchain, quantum computing, big data analytics, and robotics. The study found that students that embrace emerging technologies eventually take steps to increase their knowledge in these technologies but the knowledge may not necessarily enhance the concern for corporate social responsibility and sustainability. It is when students embrace the new technologies and eventually make business cases and envisage implications from them that they get concerned about issues of corporate social responsibility and sustainability. We propose for more case study based teaching about issues in emerging technologies tied to corporate ethics — corporate social responsibility and sustainability. The study offered relevant insights for policy, practice and academia.
    Date: 2019–08–07
  5. By: Michael Held
    Abstract: Remarks at the BIS Central Bank Legal Experts’ Meeting, Basel, Switzerland
    Keywords: wildcat banks; Financial Stability Oversight Council (FSOC); regulation; Securities and Exchange Commission (SEC); regulatory schemes; private currencies; Jay Clayton; bank notes; My Big Coin; Commodity Futures Trading Commission (CFTC); National Bank Act; digital currencies; free banking law; Financial Crimes Enforcement Network (FinCEN); Office of the Comptroller of the Currency (OCC); history
    Date: 2019–12–03
  6. By: Young, Mischa; Farber, Steven
    Abstract: Claiming that ride-hailing companies have disrupted the transportation sector is an understatement. The ability and vision of companies, such as Uber and Lyft, to harness smartphones’ built-in GPS technologies, provide real-time information about wait times, and facilitate cashless transactions has enabled them to effectively compete with the taxi industry, and potentially capture a sizeable share of the ridership of other modes as well. RH services are now increasingly being recognized as an accepted transportation service within cities, and have rapidly positioned themselves among the most valuable companies within the transportation sector. Albeit a relatively new field of research, studies on this novel mode of travel have mostly focused on its impacts upon the transportation sector, and on the regulatory and policy frameworks that should be implemented to either encourage or deter its usage. To date, not much work has been done to determine who actually benefits from RH and to understand the equity concerns that it may engender. In this chapter, we explore these largely unaddressed concerns by situating ride-hailing within the well-established transport equity literature that has long focussed on disparities in access and mobility between different social, economic, and demographic groups. This allows us to elaborate on the potentially restrictive nature of RH for many segments of the population. Once unveiled, these equity concerns will shape our discussion and inform our recommendations for an agenda to research equity concerns vis-a-vis ride-hailing.
    Date: 2019–04–09
  7. By: Soraya SEDKAOUI (Faculty of Economics, University of Khemis Miliana, Algeria); Rafika Benaichouba (Faculty of Economics, University of Khemis miliana)
    Abstract: Several studies and reports published by Mckinsey, Gartner, Cesco, PwC, etc., confirm that data analytics offers companies more value and allows them to the creation of new and innovative ideas. This is why the data-driven approach has been the subject of considerable publicity in recent years. This approach has given rise to the emergence of many business models, all of which have created their own way of doing things. This is the case of many emergent business models who have noticed that several assets (goods or services) are not exploited effectively by the parties that hold them. We buy many products that we use only for a certain period and then put them aside. What if we could find one or more people who might need it?This is the question that these innovative business models had taken into account. They could see potential monetary benefits in these different resources, simply by facilitating their sharing. Some succeed by bursting the value chains and shaking up the established players: Uber for taxis, BlaBlaCar for interurban carpooling, Airbnb for accommodation, etc., and this is, of course, just the beginning, because the trend is accelerating. These are fascinating ideas that have led to the emergence of the sharing economy.But, one thing is clear, the ideas created by Uber, Airbnb, BlaBlaCar, etc. cannot be realized without determining what allows their development (how?) and, of course, the target (for whom?). These companies use the data to determine what to develop and target, to create untapped sharing market opportunities.Many researchers have found the potential of large amounts of data produced and collected by many sharing platforms. The analysis of these quantities not only helps to promote the performance of these models or operationalize their activities, but also to predict economic results such as inflation, unemployment, housing prices, etc.All sharing platforms and applications rely on data and analysis to develop practices and determine who to target. These data are increasingly used today because of the conjunction of a number of factors, such as: ?The constant decrease in data storage costs;?The increase of the computing power;?The production of large amounts of data, which is largely unstructured and requires different operating techniques and which cannot be preceded by traditional methods. Being able to generate value, in the context of the sharing economy, and make big data more profitable is based on the ability of companies to analyze the amount available data. The challenge, therefore, lie in the ability to extract value from the amount volume of data produced in real-time continuous streams with multiple form and from multiple sources. In another word, the key to explore data and uncover secrets from it is to find and develop applicable ways in such a way to extract knowledge that can conduct any business project strategies.Indeed, recent years have been marked by the use of very advanced methods and computer tools previously reserved only for large companies. This has facilitated access to a large number of ways to create innovative ideas.Therefore, in this paper the following research question will be answered: How the sharing economy companies use data and advanced analytics to boost their business models? Through this question, we recall the context of big data and analytics, their importance in sharing economy context, their challenges and the role they mutually plays to create new opportunities for sharing economy companies. We will, through this paper, see how sharing economy business models use data analytics to generate value.
    Keywords: Data analytics, big data, sharing economy, platforms, business model, innovation
    Date: 2019–10
  8. By: JOURNALS, INTERNATIONAL SCIENTIFIC Available online at; Al-Saleh, Omar H.; Allen, Martin B.
    Abstract: It is known about the role of technological factors in HR. Technology changes the world of business and transforms the labor market. This work focuses in particular on the impact of new technologies to provide employment to workers, as well as self-employment. There are clear possibilities and wider use of digital tools. The government, companies and individuals today can benefit greatly from new "digital jobs" and from the use of digital tools. However, technology also brings risks. Some jobs can be digitized to varying degrees, and some workers or part of their functions are replaced with new technology. The ability to take advantage of these opportunities will vary from individual to individual; workers with higher skill levels are more likely to benefit, while those with lower levels of skills may be less willing to private new technologies, and therefore may be more at risk of poorer quality of work and even loss of work. Moreover, it seems that the larger the technology gap between domestic and foreign establishments. Available online at
    Date: 2019–05–05
  9. By: Schneider, Nathan (University of Colorado Boulder)
    Abstract: The disappointments of the online economy – for instance, user surveillance and systemic labor abuses – stem at least in part from its failures to meaningfully share ownership and governance with relevant stakeholders. Under the banner of ‘platform cooperativism’, an emerging network of cooperative developers, entrepreneurs, labor organizers and scholars is developing an economic ecosystem that seeks to align the ownership and governance of enterprises with the people whose lives are most affected by them. This represents a radical critique of the existing online economy, but it is also a field of experimentation for alternative forms of ownership design. This essay presents and analyzes some of the ways platform cooperativism has begun to generate ownership designs that could serve the platform economy of the future differently than the investor-owned structures that currently prevail.
    Date: 2018–03–15
  10. By: Batista, Catia (Universidade Nova de Lisboa); Vicente, Pedro C. (Universidade Nova de Lisboa)
    Abstract: Investment in improved agricultural inputs is infrequent for smallholder farmers in Africa. One barrier may be limited access to formal savings. This is the first study to use a randomized controlled trial to evaluate the impact of using mobile money as a tool to promote agricultural investment. For this purpose, we designed and conducted a field experiment with a sample of smallholder farmers in rural Mozambique. This sample included a set of primary farmers and their closest farming friends. We work with two cross-randomized interventions. The first treatment gave access to a remunerated mobile savings account. The second treatment targeted closest farming friends and gave them access to the exact same interventions as their primary farmer counterparts. We find that the remunerated mobile savings account raised mobile savings, but only while interest was being paid. It also increased agricultural investment in fertilizer, although there was no change in investment in other complementary inputs that were not directly targeted by the intervention, unlike fertilizer. These results suggest that fertilizer salience in the remunerated savings treatment may have been important to focus farmers' (limited) attention on saving some of their harvest proceeds, rather than farmers being financially constrained by a lack of alternative ways to save. Our results also suggest that the network intervention where farming friends had access to non-remunerated mobile money accounts decreased incentives to save and invest in agricultural inputs, likely due to network free-riding because of lower transfer costs within the network. Overall this research shows that tailored mobile money products can be used effectively to improve modern agricultural technology adoption in countries with very low agricultural productivity like Mozambique.
    Keywords: mobile money, social networks, savings and agricultural investment, randomized field experiment, Mozambique, Africa
    JEL: D14 D85 Q12 Q14
    Date: 2019–11
  11. By: Pierre Vialle (LITEM - Laboratoire en Innovation, Technologies, Economie et Management - UEVE - Université d'Évry-Val-d'Essonne - IMT-BS - Institut Mines-Télécom Business School, MMS - Département Management, Marketing et Stratégie - IMT - Institut Mines-Télécom [Paris] - TEM - Télécom Ecole de Management - IMT-BS - Institut Mines-Télécom Business School); Jason Whalley (Newcastle University Business School, MMS - Département Management, Marketing et Stratégie - IMT - Institut Mines-Télécom [Paris] - TEM - Télécom Ecole de Management - IMT-BS - Institut Mines-Télécom Business School); Xavier Parisot (IKI-SEA - The Institute for Knowledge and Innovation South East Asia (Bangkok University))
    Abstract: The issue of disruptive operators has recently gained interest among researchers and regulators. From a regulator's perspective, disruptive operators can increase competitive rivalry in markets dominated by a handful of large companies, thus allowing consumers to obtain more benefits in terms of price and quality. However, the "disruptive" qualification of an operator in related studies does not rely on a precise definition of disruption. The disruption theory, as developed by Christensen, provides such a definition but may be too restrictive. In addition, it may not be adapted to the analysis of disruption in regulated industries such as telecommunications. In this paper, we aim at deepening our understanding of disruption in the case of the Telecommunications industry, by analysing cases of mobile operators who entered the industry thanks to 3G or 4G licences. To this end we first analyse the disruption theory literature and highlight its characteristics and limitations. It allows us to propose an eclectic analytical framework of disruptive innovations that does not restrict to Christensen's theory. We then apply it to different cases of disruptive mobile operators in order to identify the level and pattern of disruption inherent to each case, and to compare them. We conclude by discussing our findings and further research perspectives.
    Keywords: Disruption,Innovation,Telecommunications,Regulated Industries,Business Model,Strategy,Policy
    Date: 2018
  12. By: Zongxi Li; A. Max Reppen; Ronnie Sircar
    Abstract: We propose a mean field game model to study the question of how centralization of reward and computational power occur in the Bitcoin-like cryptocurrencies. Miners compete against each other for mining rewards by increasing their computational power. This leads to a novel mean field game of jump intensity control, which we solve explicitly for miners maximizing exponential utility, and handle numerically in the case of miners with power utilities. We show that the heterogeneity of their initial wealth distribution leads to greater imbalance of the reward distribution, or a "rich get richer" effect. This concentration phenomenon is aggravated by a higher bitcoin price, and reduced by competition. Additionally, an advanced miner with cost advantages such as access to cheaper electricity, contributes a significant amount of computational power in equilibrium. Hence, cost efficiency can also result in the type of centralization seen among miners of cryptocurrencies.
    Date: 2019–12
  13. By: Bhuller, Manudeep (Dept. of Economics, University of Oslo); Kostøl, Andreas (W.P. Carey School of Business); Vigtel, Trond Christian (Frisch Centre)
    Abstract: How the internet affects job matching is not well understood due to a lack of data on job vacancies and quasi-experimental variation in internet use. This paper helps fill this gap using plausibly exogenous roll-out of broadband infrastructure in Norway, and comprehensive data on recruiters, vacancies and job seekers. We document that broadband expansions increased online vacancy-postings and lowered the average duration of a vacancy and the share of establishments with unfilled vacancies. These changes led to higher job-finding rates and starting wages and more stable employment relationships after an unemployment-spell. Consequently, our calculations suggest that the steady-state unemployment rate fell by as much as one-fifth.
    Keywords: Unemployment; Information; Job Search; Matching
    JEL: D83 J63 J64 L86
    Date: 2019–12–19
  14. By: Brynjolfsson, Erik; Collis, Avinash; Eggers, Felix
    Abstract: GDP and derived metrics such as productivity have been central to our understanding of economic progress and well-being. In principle, changes in consumer surplus provide a superior, and more direct, measure of changes in well-being, especially for digital goods. In practice, these alternatives have been difficult to quantify. We explore the potential of massive online choice experiments to measure consumer surplus. We illustrate this technique via several empirical examples which quantify the valuations of popular digital goods and categories. Our examples include incentive compatible discrete choice experiments where online and lab participants receive monetary compensation if and only if they forgo goods for pre-defined periods. For example, the median user needed a compensation of about $48 to forgo Facebook for one month. Our overall analyses reveal that digital goods have created large gains in well-being that are not reflected in conventional measures of GDP and productivity. By periodically querying a large, representative sample of goods and services, including those which are not priced in existing markets, changes in consumer surplus and other new measures of well-being derived from these online choice experiments have the potential for providing cost-effective supplements to the existing National Income and Product Accounts.
    Date: 2019–04–09
  15. By: Yash Chawla; Anna Kowalska-Pyzalska; Burcu Oralhan
    Abstract: Increasing the efficiency of electricity transmission is nearing the top of the agenda in many countries around the world. Turkey, the world's newly industrialized country, is no different. Modernizing the current transmission grids to Smart Grids (SG) and national rollout of smart meters (SM), are some of the measures taken by the government to meet the growing demand for electricity. Consumer acceptance and engagement are among the most important elements for success of SG and SM, however, there has been no such study done among Turkish electricity consumers. This study was aimed to fill this gap, by outlining the attitudes and expectations of Turkish citizens regarding SM and listing recommendations for energy companies based on the findings. Through an online questionnaire, responses from 504 social media users were collected and analyzed. Results show that the consumers are open towards the acceptance of SM, but there is a need to raise the awareness and knowledge through proper communication channels. Even though the study was conducted among social media users, it was revealed that a range of conventional and digital channels need to be actively used in order to enhance consumer willingness. Increasing social interactions regarding SM is one of the key recommendations detailed by the authors.
    Keywords: smart meters; social acceptance; knowledge; Turkish electricity market; consumers; social media;
    JEL: D12 D90 D91 Q01 Q55
    Date: 2019–12–10
  16. By: Alex Lamarche-Perrin (Phys-ENS - Laboratoire de Physique de l'ENS Lyon - ENS Lyon - École normale supérieure - Lyon - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - CNRS - Centre National de la Recherche Scientifique); André Orléan (PSE - Paris School of Economics); Pablo Jensen (Phys-ENS - Laboratoire de Physique de l'ENS Lyon - ENS Lyon - École normale supérieure - Lyon - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - CNRS - Centre National de la Recherche Scientifique)
    Abstract: We present a simplistic model of the competition between dierent currencies. Each individual is free to choose the currency that minimizes his transaction costs, which arise whenever his exchanging relations have chosen a dierent currency. We show that competition between currencies does not necessarily converge to the emergence of a single currency. For large systems, we prove that two distinct communities using dier-ent currencies in the initial state will remain forever in this fractionalized state.
    Date: 2018
  17. By: Long, Vicky (The Ratio Institute)
    Abstract: This study contributes to a meso (industry)-level understanding of the changing complexity of the general appropriability conditions in the digital era on the one hand, and the role of IPRs in that (appropriability) on the other hand, through a study of an industry sector – the Swedish video (computer) games industry – where digital distribution prevails and IPRs are important (copyrights in derivative works; trademarks in game titles).Combining analyses on EPO patent data, EUIPO trademark data, firm-level interviews and survey data, this study firstly identifies a paradoxical development: on the one hand, there is a clear digital take-off of IPRs’ propensity, namely firms tend to be more active in registering trademarks and valuing their copyrights (firm size and technological platform matter though). On the other hand, the digital traits – digitally induced high levels of interactivities (between supply and demand) and the digital division of a product (in provisions) – provide strong protections (to the innovation) from a technical standpoint, which offsets the importance of IPRs. Then what are IPRs for, in a technologically tight appropriability regime? This study further identifies that the increase of the importance of IPRs is not derived from IPRs’ protection function, but from their signalling function. In the digital era, new products easily disappear in the digital crowd, and IPRs can act as an important remedy by signalling the origin and quality of products as well as new innovations. This study provides a snapshot of the digital complexity pertinent to the issue of appropriability.
    Keywords: Intellectual Property Rights (IPRs); Appropriability; Video Games; Digitalization; Innovation
    JEL: L17 L24 O32 O34
    Date: 2019–12–23
  18. By: Marie-Josèphe Leroux-Sostenes; Emmanuel Bayle (Centre de Recherche Magellan - UJML - Université Jean Moulin - Lyon III - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)
    Abstract: A B S T R AC T The rise of crowdfunding as a way of funding sport projects has prompted numerous companies to become involved in these campaigns. This paper explores a model of crowdfunding in which a sponsor company supports individual projects. A qualitative study based on interviews with crowdfunding executives showed that campaigns are more likely to be successful if they include a sponsor company, and that crowdfunding platforms and the projects they support have become a new interactive, online communication tool for sponsors. Our data revealed four modes of corporate involvement in crowdfunding and fourteen objectives companies hope to achieve through this involvement. Three of these objectives can be attained exclusively via this communication tool. In addition, companies focus on five "success factors" when deciding whether or not to sponsor a crowdfunding campaign. This model of corporate-supported crowdfunding is creating a new paradigm of "shared" (by a community) sponsorship that will complement the current system of "confined" (to specific companies) sponsorship.
    Date: 2019
  19. By: Yash Chawla; Anna Kowalska-Pyzalska; Paulo Duarte Silveira
    Abstract: National roll-outs of smart meters (SM) have been undertaken in most of the European countries. The exchange of traditional meters into smart ones is a part of power system transmission into so called smart grids. In these smart grids, the communication and sharing of information happens in real-time and all market players, such as energy suppliers, sellers and consumers, play an important role. As the literature reveals, the successful deployment of SM requires consumers' awareness and engagement. That is why, within this paper, we investigate the impact of consumers' knowledge on what SM is, as well as the role of marketing platforms: both traditional (i.e. TV or radio) and modern ones (i.e. social media) in SM diffusion. Based on the on-line survey conducted in Portugal (N=518), we provide some policy and practical recommendations for energy companies and local authorities regarding the effective usage of marketing platforms and content.
    Keywords: smart metering; knowledge; marketing platforms; communication channels; social media; diffusion; on-line questionnaire
    JEL: D12 D90 D91 Q01 Q55
    Date: 2019–12–10
  20. By: Lael Brainard
    Date: 2019–12–18
  21. By: Walter, Timo; Wansleben, Leon (London School of Economics and Political Science)
    Abstract: Central banks’ role in financialization has received increasing attention in recent years. These debates have predominantly revolved around authorities’ “benign neglect” of asset bubbles, their de-regulatory policies, and the safety-nets they provide for speculative exuberance. Most analyses refer to the dominance of pro-market interests and ideas to explain these actions. The present article moves beyond these accounts by showing how an alignment between techniques of monetary governance and ‘unfettered’ financial markets can explain central banks’ endorsement of increasingly fragile structures of liquidity and their strategic ignorance towards growing amounts of debt. We analyze the processes of abstraction and formalization by which the “programmes” and “technologies” of monetary governance have been made compatible with the texture of contemporary finance; and we show how central banks’ attempts to make markets more amenable to their methods of policy implementation shaped new conduits for financial growth. As empirical cases, we discuss the Federal Reserve’s experiments with different policy frameworks in the 1980s and the Bank of England’s twisted path to inflation targeting from 1979 to 1997. These cases allow us to demonstrate that the infrastructural power of contemporary central banking is predicated on the same institutional foundations that have made financialization possible.
    Date: 2018–11–07
  22. By: Li, Huafang
    Abstract: This is a book review on Don Kettl's book Little Bites of Big Data for Public Policy.
    Date: 2019–05–31

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