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Reserves for all? Central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …

Persistent link: https://www.econbiz.de/10011961435

Do we need central bank digital currency? Economics, technology and institutions

Gnan, Ernest (contributor); Masciandaro, Donato (contributor) - 2018

Persistent link: https://www.econbiz.de/10011985213

Reserves for all? Central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …

Persistent link: https://www.econbiz.de/10012112080

Monetary policy with reserves and CBDC: Optimality, equivalence, and politics

Niepelt, Dirk - 2020

We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with "pseudo wedges" and derive...

Persistent link: https://www.econbiz.de/10012420717

Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics

Niepelt, Dirk - 2020

We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with “pseudo wedges” and...

Persistent link: https://www.econbiz.de/10012425618

Monetary policy with reserves and CBDC: Optimality, equivalence, and politics

Niepelt, Dirk - 2020

We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with "pseudo wedges" and derive...

Persistent link: https://www.econbiz.de/10012671250

Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence

Niepelt, Dirk - 2018

banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …

Persistent link: https://www.econbiz.de/10011931926

Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …

Persistent link: https://www.econbiz.de/10011884338

Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

Persistent link: https://www.econbiz.de/10011974117

Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …

Persistent link: https://www.econbiz.de/10011889522

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