Central bank digital currency in an open economy

• 成果类型: Article
• 署名作者: Minesso, Massimo Ferrari; Mehl, Arnaud; Stracca, Livio
• 署名单位: European Central Bank
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.02.001
• 发表日期: 2022
• 页码: 54-68
• 关键词: Central bank digital currency; DSGE model; open-economy; optimal monetary policy; International monetary system

摘要

A two-country DSGE model with central bank digital currency (CBDC) is derived and used to analyze the open-economy implications of CBDC for the transmission of shocks, optimal monetary policy and welfare. The presence of a CBDC amplifies the international spillovers of shocks and increases international linkages. The magnitude of the effects depends crucially on the design of CBDC. Moreover, issuance of a CBDC by one economy increases asymmetries in the international monetary system by reducing monetary policy autonomy and welfare in the other economy.(c) 2022 Elsevier B.V. All rights reserved.