演講者簡介 : Dr. Assenmacher received her Ph.D. in Economics from University of Bonn in 1997. She is currently the Head of Monetary Policy Strategy Division at European Central Bank. Her research interests are Macroeconomics and Monetary Economics.
演講摘要 : In this paper, we study how the existence of a central bank digital currency (CBDC) affects the response of the economy to business cycle and financial shocks as well as shocks to the means-of-exchange function of money. To this end, we integrate a New Monetarist-type decentralised market that provides a role for bank deposits and CBDC as means of exchange into a New Keynesian model with financial frictions. We find that the existence of CBDC allows the central bank to separately target the store-of-value and the means-of-exchange function of money and thereby opens up a new channel to stabilise the economy. This channel operates through the liquidity premium and implies a trade-off between payments efficiency, bank funding conditions and the opportunity cost of holding money.
