一、主题：E-money:from Zero to One and Beyond

二、主讲人：何超，华东师范大学助理教授。2012年获得威斯康辛大学麦迪逊分校经济学博士学位，曾在中国人民大学和上海财经大学任教。研究方向为宏观经济学，尤其是货币、银行、失业、房地产等方向。他的论文发表在Review of Economic Dynamics，Journal ofMoney, Credit, and Banking 以及Journal of Economics等学术期刊上。

三、时间：2019年11月20日（周三），中午12:30-13:30

四、地点：太阳集团tyc539沙河校区丁香园1号楼301会议室

五、主持人：黄志刚，太阳集团tyc539教授

Abstract: This paper studies theR&D incentives for developing privately issued e-money and its dynamicadoption and upgrades. We characterize conditions for co-circulation. The modelidentifies three channels through which the incentives for developing e-moneyis socially inefficient. First, the value of new tokens issued is in generaldifferent from the liquidity service that it provides. Second, the developersdo not consider how e-money affect trades that only involves fiat money whenthe two cocirculate. Third, neither do they take into account how futureadoption of e-money affect monetary trade before it is actually adopted. Wealso find that the threat of future generations of e-money makes it less likelyfor the first generation of e-money to be adopted.