On Digital Currencies

Uhlig, Harald

On Digital Currencies

No 32159, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank digital currencies, I argue that they enhance the “CBDC trilemma” facing a central bank: out of the three objectives, price stability, efficiency, and monetary trust, it can achieve at most two.

JEL-codes: E31 E42 E44 E52 G12 G21 (search for similar items in EconPapers)
Date: 2024-02
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mon and nep-pay
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Published as Harald Uhlig, 2024. "On Digital Currencies," Atlantic Economic Journal, vol 52(1), pages 1-14.

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