登入選單

返回Google圖書搜尋

Central Bank Digital Currency in an Open Economy

Arnaud MehlMassimo FerrariLivio Stracca

出版	CEPR, 2020
URL	http://books.google.com.hk/books?id=dAgDzgEACAAJ&hl=&source=gbs_api

註釋

"The authors examine the open-economy implications of the introduction of a central bank digital currency (CBDC). They 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. They 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. They also show that domestic issuance of a CBDC increases asymmetries in the international monetary system by reducing monetary policy autonomy in foreign economies."--Abstract