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  1. A unified framework for CBDC design
    remuneration, collateral haircuts and quantity constraints
    Autor*in: Assenmacher-Wesche, Katrin; Berentsen, Aleksander; Brand, Claus; Lamersdorf, Nora
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    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 lending and deposit rates for CBDC as well as collateral and quantity requirements. Less restrictive provision of CBDC reduces bank deposits. A positive interest spread on CBDC or stricter collateral or quantity constraints reduce welfare but can contain bank disintermediation, especially if the elasticity of substitution between bank deposits and CBDC is small.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289947640
    Weitere Identifier:
    hdl: 10419/237717
    Schriftenreihe: Working paper series / European Central Bank ; no 2578 (July 2021)
    Schlagworte: Central bank digital currency; monetary policy; search and matching
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  2. CBDC and business cycle dynamics in a New Monetarist New Keynesian model
    Autor*in: Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    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 store-of-value function of money through a conventional Taylor rule while it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks remain similar in the presence of an interest-bearing CBDC, implying that monetary transmission is not impaired. At the same time however, the provision of CBDC helps smooth responses to macroeconomic shocks. By supplying CBDC, the central bank contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money, which dampens and smoothes the reaction of investment and consumption to macroeconomic shocks.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289960748
    Weitere Identifier:
    hdl: 10419/278572
    Schriftenreihe: Working paper series / European Central Bank ; no 2811
    Schlagworte: Central bank digital currency; monetary policy; DSGE; search and matching
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen