Similar Search Results

Beer, Christian; Gnan, Ernest; Birchler, Urs W.; … - Conference "Cash on Trial" <2015, Zürich>; SUERF - The …; … - 2016

Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially...

Persistent link: https://www.econbiz.de/10011548098

Digital Euro, Monetary Objects and Price Stability—a Legal Analysis

Zellweger-Gutknecht, Corinne; Geva, Benjamin; … - 2021

complement—a digital euro—becomes increasingly necessary. Accordingly, the article concludes that the ECB is both entitled and … obliged de lege lata to issue a digital euro on the basis of Article 128 TFEU. It further explains that neither tangible cash … nor a digital euro can simultaneously be used as instruments in themselves to maintain price stability …

Persistent link: https://www.econbiz.de/10013230072

Should central banks issue digital currency?

Keister, Todd; Sanches, Daniel - 2019

We study how the introduction of a central bank-issued digital currency affects interest rates, the level of economic activity, and welfare in an environment where both central bank money and private bank deposits are used in exchange. Banks in our model are financially constrained, and the...

Persistent link: https://www.econbiz.de/10012058995

Money and banking with reserves and CBDC

Niepelt, Dirk - 2022 - This version: October 28, 2022

We analyze retail central bank digital currency (CBDC) in a two-tier monetary system with bank deposit market power and externalities from liquidity transformation. Resource costs of liquidity provision determine the optimal monetary architecture and modified Friedman (1969) rules the optimal...

Persistent link: https://www.econbiz.de/10013440005

Between Cash, Deposit and Bitcoin : Would We Like a Central Bank Digital Currency? Money Demand and Experimental Economics

Borgonovo, Emanuele - 2018

The aim of this paper is to analyse the demand of a central bank digital currency (CBDC). Using a financial portfolio approach and assuming that individual preferences and policy votes are consistent, we identify the drivers of the political consensus in favour or against such as new currency....

Persistent link: https://www.econbiz.de/10012921960

Cryptocurrencies, Central Bank Digital Cash, Traditional Money : Does Privacy Matter?

Masciandaro, Donato - 2018

The aim of this paper is to analyze the demand of both traditional and new media of exchange – as cryptocurrencies and central bank digital currencies – proposing a novel specification of the demand for money. In this specification, the medium of payment (MOP) has three properties: the first...

Persistent link: https://www.econbiz.de/10012907412

Swedish Riksbank notes and Enskilda bank notes : lessons for digital currencies

Fung, Ben Siu-cheong; Hendry, Scott; Weber, Warren E. - 2018

This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and...

Persistent link: https://www.econbiz.de/10011864604

Cash on trial, mk II : economics, technology and institutions

Birchler, Urs W. (ed., introduction); … - Cash on Trial <Veranstaltung> <2019, Frankfurt am Main>; … - 2019

Persistent link: https://www.econbiz.de/10012112413

Falling Use of Cash and Demand for Retail Central Bank Digital Currency

Tanai Khiaonarong; Humphrey, David B. - 2022

Cash use in most countries is falling slowly. On the margin, younger adults favor cash substitutes over cash. For older adults it is the reverse. Revealed preference tied to a changing population age structure seems to be the main influence on the demand for cash and why it is falling. Cash use...

Persistent link: https://www.econbiz.de/10013295132

The Effective Lower Bound for the Policy Rate in Euroized Economies - An Application to the Case of Albania

Della Valle, Guido - 2018

Based on the experience of the Bank of Albania, the paper proposes a framework toestimate the interest rate lower bound in small, open, and euroized economies. The paperintroduces a stylized monitoring tool to assess the unintended consequences of low policyrates. The paper is the first attempt...

Persistent link: https://www.econbiz.de/10012922627