This class will review central bank digital currencies and potential private-sector stablecoin alternatives, with a focus on useful applications in the payment system.

We consider the ability to substitute for the functionality of digital tokens with faster and more efficient bank-based payment systems. Almost no attention in this course will be given to Bitcoin and other speculative crypto-currencies. Effective general digital currencies and faster payment systems could be disruptive to incumbent bank franchise values. Broad use of private-sector stablecoins could disrupt the implementation of central bank monetary policy. Narrow use of stablecoins in "wholesale" financial settlement systems is a potentially significant application. 

In this master class we will discuss household sustainability as it relates to three important areas — environment, social and finance. Household environmental sustainability relates to decisions about utilities, transportation and food. For instance consuming beef has a carbon footprint 20 times that or fish. Do prices and behavioral nudges help save utility bills of water and electricity. Household social sustainability relates to income inequality, gender inequality, inter generational inequality and also health inequality. Finally household finance sustainability relates to consumer literacy, spending, savings, investing and decision making.