John Barrdear (Bank of England)
Michael Kumhof (Bank of England)
Abstract: We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by as much as 3%, due to reductions in real interest rates, distortionary taxes, and monetary transaction costs. Countercyclical CBDC price or quantity rules, as a second monetary policy instrument, could substantially improve the central bank’s ability to stabilise the business cycle.
Zdroj dat: ČNB, stránky www.cnb.cz
Zdroj dat | www.cnb.cz |
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Originál | cnb.cz/en/economic-research/conferences-seminars-and-workshops/the-macroeconomics-of-central-bank-is... |