Should the Federal Reserve issue a central bank digital currency?

Paul Kupiec
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Paul Kupiec: American Enterprise Institute

AEI Economic Perspectives, 2021

Abstract: During Federal Reserve Chairman Jerome Powell's July 2021 congressional testimony, several elected members encouraged Powell to fast-track the issuance of a Federal Reserve digital currency. Chairman Powell indicated he is not convinced there is a need for a Fed digital currency. But he also indicated that Fed staff are actively studying the issue and that his opinion could change based on their findings and recommendations. In this report, I explain how a new Federal Reserve digital currency would interface with the existing payment system and review the policy issues associated with introducing a Fed digital currency.

Keywords: AEI Economic Perspectives; Federal Reserve; Jerome (Jay) Powell (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2021
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