Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/278852 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 16154
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially, nominal rates of return. We establish conditions under which cash and CBDC can co-exist and show how government policies can in uence relative holdings of cash, CBDC, and other assets. We illustrate how a CBDC can facilitate negative nominal interest rates and helicopter drops, and also how a CBDC can be structured to prevent capital flight from other assets.
Schlagwörter: 
central bank digital currency
cash
medium of exchange
store of value
transaction efficiency
JEL: 
E4
E5
E61
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
858.12 kB





Publikationen in EconStor sind urheberrechtlich geschützt.