Arbeitspapier
Money and banking with reserves and CBDC
We analyze retail central bank digital currency (CBDC) in a two-tier monetary system with bank deposit market power and externalities from liquidity transformation. Resource costs of liquidity provision determine the optimal monetary architecture and modified Friedman (1969) rules the optimal monetary policy. Optimal interest rates on reserves and CBDC differ. A calibration for the U.S. suggests a weak case for CBDC in the baseline but a much clearer case when too-big-to-fail banks, tax distortions or instrument restrictions are present. Depending on central bank choices CBDC raises U.S. bank funding costs by up to 1.5 percent of GDP.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Papers ; No. 22-12
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Interest Rates: Determination, Term Structure, and Effects
Money Supply; Credit; Money Multipliers
Monetary Policy
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
- Thema
-
Central bank digital currency
reserves
two-tier system
bank
liquidity
equivalence
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Niepelt, Dirk
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bern, Department of Economics
- (wo)
-
Bern
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Niepelt, Dirk
- University of Bern, Department of Economics
Entstanden
- 2022
Ähnliche Objekte (12)
Banking, Inside Money and Outside Money
Money, credit and banking
Money, banking and financial markets
Reserves, Liquidity and Money: An Assessment of Balance sheet Policies
Credit ceilings, asset reserves and the control of the money supley
Money, banking, and old-school historical economics
Banking, finance, and money: A socioeconomics approach
Money and modern banking without bank runs
Inflation, investment and growth: A money and banking approach
Inflation, Investment and Growth: a Money and Banking Approach
The decline of traditional banking and endogenous money
Bank reserves and broad money in the global financial crisis: A quantitative evaluation
Banking, Inside Money and Outside Money
Money, credit and banking
Money, banking and financial markets
Reserves, Liquidity and Money: An Assessment of Balance sheet Policies
Credit ceilings, asset reserves and the control of the money supley
Money, banking, and old-school historical economics
Banking, finance, and money: A socioeconomics approach
Money and modern banking without bank runs
Inflation, investment and growth: A money and banking approach
Inflation, Investment and Growth: a Money and Banking Approach
The decline of traditional banking and endogenous money
Bank reserves and broad money in the global financial crisis: A quantitative evaluation
Banking, Inside Money and Outside Money
Money, credit and banking
Money, banking and financial markets
Reserves, Liquidity and Money: An Assessment of Balance sheet Policies
Credit ceilings, asset reserves and the control of the money supley
Money, banking, and old-school historical economics
Banking, finance, and money: A socioeconomics approach
Money and modern banking without bank runs
Inflation, investment and growth: A money and banking approach
Inflation, Investment and Growth: a Money and Banking Approach
The decline of traditional banking and endogenous money