The macroeconomics of central bank digital currencies
We study the macroeconomic consequences of issuing central bank digital currency (CBDC) - a universally-accessible and interest-bearing central bank liability that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the pre-2008 US, we find that CBDC issuance of 30...
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| Published in | Journal of economic dynamics & control Vol. 142; p. 104148 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.09.2022
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| Subjects | |
| Online Access | Get full text |
| ISSN | 0165-1889 1879-1743 |
| DOI | 10.1016/j.jedc.2021.104148 |
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| Abstract | We study the macroeconomic consequences of issuing central bank digital currency (CBDC) - a universally-accessible and interest-bearing central bank liability that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the pre-2008 US, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by 3%, due to lower real interest rates, distortionary taxes, and monetary transaction costs. Countercyclical CBDC policy rules, as a second monetary policy tool, could substantially improve the central bank’s ability to stabilise the business cycle. Risks to banks can be minimized through appropriate issuance arrangements. |
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| AbstractList | We study the macroeconomic consequences of issuing central bank digital currency (CBDC) - a universally-accessible and interest-bearing central bank liability that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the pre-2008 US, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by 3%, due to lower real interest rates, distortionary taxes, and monetary transaction costs. Countercyclical CBDC policy rules, as a second monetary policy tool, could substantially improve the central bank’s ability to stabilise the business cycle. Risks to banks can be minimized through appropriate issuance arrangements. |
| ArticleNumber | 104148 |
| Author | Barrdear, John Kumhof, Michael |
| Author_xml | – sequence: 1 givenname: John surname: Barrdear fullname: Barrdear, John – sequence: 2 givenname: Michael surname: Kumhof fullname: Kumhof, Michael |
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| SubjectTerms | Bank lending Banks Blockchain Central bank digital currency Countercyclical policy Distributed ledgers Endogenous money Financial intermediation Money creation Money demand Seigniorage |
| Title | The macroeconomics of central bank digital currencies |
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