Central Bank Digital Currency and the Future of Monetary Policy

Michael D. Bordo, Andrew T. Levin

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 stable unit of account. To achieve these criteria, CBDC would be account-based and interest-bearing, and the monetary policy framework would foster true price stability

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Year of publication:	August 2017
Authors:	Bordo, Michael D.
Other Persons:	Levin, Andrew T. (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Zentralbank \| Central bank \| Geldpolitik \| Monetary policy \| Elektronisches Geld \| Electronic money \| Virtuelle Währung \| Virtual currency

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w23711
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w23711 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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