| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13065 |
| DP13065 Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence | |
| [unavailable] | |
| 发表日期 | 2018-07-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic outcomes. I also relate my analysis to common arguments in the discussion about RFA and point to inconsistencies and open questions. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations ; Public Economics |
| 关键词 | Cbdc Fedcoin Cadcoin E-krona E-peso J coin Narrow banking |
| URL | https://cepr.org/publications/dp13065 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541870 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP13065 Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence. 2018. |
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