Three models of a monetary economy are considered, in order to show the eﬀects of a gold demonetization: the ﬁrst with a gold money, the second with demonetized gold but no central bank, and the third with demonetized gold, but with a central bank. The distinctions between ownership and control are discussed.
Quint, Thomas and Shubik, Martin, "The Demonetization of Gold: Transactions and the Change in Control" (2011). Cowles Foundation Discussion Papers. 2161.