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A Simple Model of a Central Bank Digital Currency

Mishra, Bineet; Prasad, Eswar S. - National Bureau of Economic Research - 2023

We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...

Persistent link: https://www.econbiz.de/10014250215

Central Bank Digital Currency : Central Banking For All?

Fernández-Villaverde, Jesús - 2020

The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but...

Persistent link: https://www.econbiz.de/10012479277

Design Choices for Central Bank Digital Currency : Policy and Technical Considerations

Allen, Sarah - 2020

Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...

Persistent link: https://www.econbiz.de/10012481182

Central Bank Digital Currency : When Price and Bank Stability Collide

Schilling, Linda - 2020

A central bank digital currency, or CBDC, may provide an attractive alternative to traditional demand deposits held in private banks. When offering CBDC accounts, the central bank needs to confront classic issues of banking: conducting maturity transformation while providing liquidity to private...

Persistent link: https://www.econbiz.de/10012482456

Central Bank Digital Currency and the Future of Monetary Policy

Bordo, Michael D. - 2017

We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we find that CBDC can serve as a practically costless medium of exchange, secure store of value, and...

Persistent link: https://www.econbiz.de/10012454000

Central Bank Digital Currencies and The Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - National Bureau of Economic Research - 2021

In this paper, I discuss the implications for emerging countries of the adoption of central bank digital currencies (CBDCs) in advanced jurisdictions, such as the United States, the United Kingdom, and the Euro Zone. The analysis identifies benefits as well as costs. Among the former, one of the...

Persistent link: https://www.econbiz.de/10012696398

Central Bank Digital Currency in Historical Perspective : Another Crossroad in Monetary History

Bordo, Michael D. - National Bureau of Economic Research - 2021

forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies …

Persistent link: https://www.econbiz.de/10012616619

The Evolution of U.S. Monetary Policy : 2000 - 2007

Belongia, Michael T. - 2016

A vector autoregression with time-varying parameters is used to characterize changes in Federal Reserve policy that occurred from 2000 through 2007 and describe how they affected the performance of the U.S. economy. Declining coefficients in the model's estimated policy rule point to a shift in...

Persistent link: https://www.econbiz.de/10012455987

Central Bank Digital Currencies, an Old Tale With a New Chapter

Bordo, Michael D.; Roberds, William - National Bureau of Economic Research - 2022

We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these...

Persistent link: https://www.econbiz.de/10013477201

Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador

Alvarez, Fernando E.; Argente, David; Van Patten, Diana - National Bureau of Economic Research - 2022

experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic … agents were required to accept bitcoin for all payments. The Salvadorean government also launched an app, "Chivo Wallet …," which allowed users to digitally trade both bitcoin and dollars, and gave major incentives to download it. We conduct a …

Persistent link: https://www.econbiz.de/10013191063

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