| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15335 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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