On Impact of Electronic Money on Monetary Policy

?The paper starts with the introduction of Emoney and monetary policy, then it analyses some impacts of Emoney on monetary policy: Emoney changes quantity and nature of monetary base, money supply and money multiplier, shakes the hypothesis that money supply is medial target of monetary policy and makes Keynesians transmission mechanism of monetary policy fall in question, therefore hinds the operation of traditional monetary policy. Finally, to these impacts,the thesis proposes some countermeasures that Central Bank should take.