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Central Bank Digital Currency and the Future of Monetary Policy / Michael D. Bordo, Andrew T. Levin.
- Format:
- Book
- Author/Creator:
- Bordo, Michael D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23711.
- NBER working paper series no. w23711
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- 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.
- Notes:
- Print version record
- August 2017.
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