G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15335
DP15335 Central bank digital currency in an open economy
Arnaud Mehl; Livio Stracca; Massimo Minesso Ferrari
发表日期2020-10-05
出版年2020
语种英语
摘要We examine the open-economy implications of the introduction of a central bank digital currency (CBDC). We add a CBDC to the menu of monetary assets available in a standard two-country DSGE model and consider a broad set of alternative technical features in CBDC design. We analyse the international transmission of standard monetary policy and technology shocks in the presence and absence of a CDBC and the implications for optimal monetary policy and welfare. The presence of a CBDC amplifies the international spillovers of shocks to a significant extent, thereby increasing international linkages. But the magnitude of these effects depends crucially on CBDC design and can be significantly dampened if the CBDC possesses specific technical features. We also show that domestic issuance of a CBDC increases asymmetries in the international monetary system by reducing monetary policy autonomy in foreign economies.
主题International Macroeconomics and Finance
关键词Central bank digital currency Dsge model Open-economy Optimal monetary policy International monetary system
URLhttps://cepr.org/publications/dp15335
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/544316
推荐引用方式
GB/T 7714
Arnaud Mehl,Livio Stracca,Massimo Minesso Ferrari. DP15335 Central bank digital currency in an open economy. 2020.
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