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Central Bank Digital Currency and the Future of Monetary Policy

Michael Bordo () and Andrew Levin ()

No 23711, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We consider how a central bank digital currency (CBDC) could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy. In particular, we find that CBDC can serve as a practically costless medium of exchange, secure store of value, and stable unit of account. To achieve these criteria, CBDC would be account-based and interest-bearing, and the monetary policy framework would foster true price stability.

JEL-codes: B12 B13 B22 E42 E52 E58 E63 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-pay
Date: 2017-08
Note: ME
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