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CBDC and Monetary Policy

S. Mohammad R. Davoodalhosseini (), Francisco Rivadeneyra and Yu Zhu

No 2020-4, Staff Analytical Notes from Bank of Canada

Abstract: Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.

Keywords: Digital Currencies and Fintech; Monetary Policy; Payment clearing and settlement systems (search for similar items in EconPapers)
JEL-codes: E41 E51 E52 (search for similar items in EconPapers)
Date: 2020-02
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pay
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