This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the "fourth industrial revolution". The paper reviews experiences from the previous three industrial revolutions, developing a template...

In the course of their growth and their more recent crisis, cryptocurrencies suffered from tremendous volatility. Volatility impaired cryptocurrencies' ability to serve the needs generally associated with currencies, i.e. serve as a store of value as well as a medium of exchange and a unit of...

Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a...

The Board of Governors of the Federal Reserve System has engaged the public in its consideration of a USD Central Bank Digital Currency (USD CBDC). The Board has framed USD CBDC issues principally around payment market access and efficiency, tending to overlook questions CBDC raises about the...

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U.S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption, investment - and weak positive comovement between...

The paper presents a survey of central bank digital currency (CBDC) adoption in African countries. Secondary data based on desk research were used to conduct the survey. Data for each African country were collected from publicly available information about each country’s interest and efforts...