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Do we need central bank digital currency? : economics, technology and institutions
Gnan, Ernest (ed.); Masciandaro, Donato (ed.) - Do We Need Central Bank Digital Currency?: Economics, …; … - 2018
Persistent link: https://www.econbiz.de/10011944433
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DLT options for CBDC
Guo, Sky; Kreitem, Joseph; Moser, Thomas - In: Journal of central banking theory and practice 13 (2024) 1, pp. 57-88
This paper provides an overview of the distributed ledger technology (DLT) options available to central banks for issuing central bank digital currency (CBDC). We discuss the main requirements that a DLT solution must fulfill and analyze the various structures for implementation offered by DLT -...
Persistent link: https://www.econbiz.de/10014496284
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Rise of the central bank digital currencies : drivers, approaches and technologies
Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020
Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...
Persistent link: https://www.econbiz.de/10012306593
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A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints
Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021
We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the...
Persistent link: https://www.econbiz.de/10012596299
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023
Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...
Persistent link: https://www.econbiz.de/10014229087
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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014314330
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The economics of central bank digital currency
Ahnert, Toni; Assenmacher-Wesche, Katrin; Hoffmann, Peter; … - 2022
This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...
Persistent link: https://www.econbiz.de/10013342232
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Monetary Policy Implications Central Bank Digital Currencies : Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
Lukonga, Inutu - 2023
Central bank digital currencies (CBDCs) promise many benefits but, if not well designed, they could have undesired consequences, including for monetary policy. Issuing an unremunerated CBDC or a wholesale CBDC does not change the objectives of monetary policy or the operational framework for...
Persistent link: https://www.econbiz.de/10014355809
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Central Bank Digital Currency : One, Two or None?
Pfister, Christian - 2019
innovation and to lower transactions costs using a blockchain. The motives for issuing a RCBDC could be to supply the public with … bank money (banknotes and reserves). A WCBDC would have to be issued on a permissioned rather than a public blockchain. It … would also have to be remunerated to keep reserves and the WCBDC at par. A RCBDC would not necessarily use the blockchain …
Persistent link: https://www.econbiz.de/10012861120
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Influencing the Velocity of Central Bank Digital Currencies
Copic, Ezechiel - 2020
The advent of stablecoins offers new and innovative ways to improve financial inclusion, reduce transaction costs, and increase the efficiency of the global financial system. The following paper explores the assets and process necessary for creating a central bank digital currency (CBDC) on the...
Persistent link: https://www.econbiz.de/10012844202