| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15322 |
| DP15322 Monetary Policy with a Central Bank Digital Currency: The Short and the Long Term | |
| Florian Böser; Hans Gersbach | |
| 发表日期 | 2020-09-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We examine how the introduction of an interest-bearing central bank digital currency (CBDC) impacts bank activities and monetary policy. Depositors can switch from bank deposits to CBDC as a safe medium of exchange at any time. As banks face digital runs, either because depositors have a preference for CBDC or fear bank insolvency, monetary policy can use collateral requirements (and default penalties) to initially increase bankers' monitoring incentives. This leads to higher aggregate productivity. However, the mass of households holding CBDC will increase over time, causing additional liquidity risk for banks. After a certain period, monetary policy with tight collateral requirements generating liquidity risk for banks and exposing bankers to default penalties would render banking non-viable and prompt the central bank to abandon such policies. Under these circumstances, bankers' monitoring incentives will revert to low levels. Accordingly, a CBDC can at best yield short-term welfare gains. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Central bank digital currency - monetary policy - banks - deposits |
| URL | https://cepr.org/publications/dp15322 |
| 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/544303 |
| 推荐引用方式 GB/T 7714 | Florian Böser,Hans Gersbach. DP15322 Monetary Policy with a Central Bank Digital Currency: The Short and the Long Term. 2020. |
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