NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Central Bank Digital Currency and the Future of Monetary Policy

Michael D. Bordo, Andrew T. Levin

NBER Working Paper No. 23711
Issued in August 2017
NBER Program(s):Monetary Economics

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.

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Document Object Identifier (DOI): 10.3386/w23711

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