Monetary Policy and Digital Currencies (notice n° 1561840)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01397cam a2200157 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20251109010612.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Pfister, Christian |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Monetary Policy and Digital Currencies |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2023.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 14 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This article examines the consequences for monetary policy of the issuance of central bank digital currencies (CBDCs) and stablecoins, which are broadly similar. These consequences should impact the transmission mechanism above all, with risks of disintermediation for all economies and of increased asymmetries and dollarization for emerging and developing economies. Moreover, the interest rate channel could be strengthened by compensating CBDC at an interest rate pegged to the key rate. Concerning monetary policy goals, inflation, economic growth, and money supply could temporarily accelerate. Above all, the exchange rate could become more volatile, making it more difficult to maintain a target rate. In normal times, the implementation of monetary policy would generally be little affected, unless a real-time monetary policy were to be adopted. Classification JEL: E42, E52, E58. |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d'économie financière | o 149 | 1 | 2023-03-30 | p. 225-239 | 0987-3368 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-d-economie-financiere-2023-1-page-225?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-d-economie-financiere-2023-1-page-225?lang=en&redirect-ssocas=7080</a> |
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