Similar Search Results

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/10012841420

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/10012949410

Central Bank Digital Currency : When Price and Bank Stability Collide

Schilling, Linda; Fernández-Villaverde, Jesús; Uhlig, … - 2022

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/10014089909

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

Allen, Sarah; Čapkun, Srđjan; Eyal, Ittay; Fanti, Giulia - 2022

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/10013405192

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

Edwards, Sebastian - 2023

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/10014351704

Joblessness and Perceptions About the Effectiveness of Democracy

Altindag, Duha T. - 2010

individuals and the prevailing unemployment rate in the country impact perceptions of the effectiveness of democracy. We find that … personal joblessness experience translates into negative opinions about the effectiveness of democracy and it increases the … that democracies are ineffective, regardless of joblessness. People's beliefs about the effectiveness of democracy as …

Persistent link: https://www.econbiz.de/10013143456

Some Simple Bitcoin Economics

Schilling, Linda - 2018

In a novel model of an endowment economy, we analyze coexistence and competition between traditional fiat money (Dollar) and another intrinsically worthless medium of exchange, not controlled by a central bank, such as Bitcoin. Agents can trade consumption goods in either currency or hold on to...

Persistent link: https://www.econbiz.de/10012922218

Cryptocurrencies, Currency Competition, and the Impossible Trinity

Benigno, Pierpaolo - 2019

We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk-...

Persistent link: https://www.econbiz.de/10012863687

Capital Flows and Domestic and International Order : Trilemmas from Macroeconomics to Political Economy and International Relations

Bordo, Michael D. - 2015

democracy with capital flows and international order. The trilemmas in short depict the way that domestic monetary, financial …

Persistent link: https://www.econbiz.de/10013026306

Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets

Reinhart, Carmen M. - 2011

Considerable debate rages about whether Federal Reserve policy was too lax in the early part of the 2000s, thereby fueling the home-price bubble that was the proximate cause of the global financial crisis. We present evidence that the view that modest alterations to monetary policy have vast...

Persistent link: https://www.econbiz.de/10013129137

1
2
3
4
5
6
7
8
9
10
Next
Last