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Conference Paper
Jackson Hole 2022 - Reassessing Constrains on Policy: Central Bank Balance Sheets
Du, Wenxin; Acharya, Viral (2022-08-27)
Proceedings - Economic Policy Symposium - Jackson Hole

Speech
What the Moment Demands
Daly, Mary C. (2023-11-17)
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, 33rd Frankfurt European Banking Congress, Frankfurt, Germany, November 17, 2023, 3:30 PM CET (local), 6:30 AM PST
Speech

Briefing
Assessing the Case for Retail CBDCs: Central Banks’ Considerations
Hayashi, Fumiko; Toh, Ying Lei (2022-05-26)
Many central banks around the world have been researching, experimenting, or developing central bank digital currencies (CBDCs). Although central banks in several emerging markets and developing economies have implemented or plan to implement a general-purpose, or retail, CBDC to promote financial inclusion and improve their payment systems, central banks in many advanced economies have not yet found a compelling case for a retail CBDC.
Payments System Research Briefing , Issue May 26, 2022 , Pages 7

Working Paper
The Macroeconomic Implications of CBDC: A Review of the Literature
Infante, Sebastian; Kim, Kyungmin; Orlik, Anna; Silva, André F.; Tetlow, Robert J. (2022-11-17)
This paper provides an overview of the literature examining how the introduction of a CBDC would affect the banking sector, financial stability, and the implementation and transmission of monetary policy in a developed economy such as the United States. A CBDC has the potential to improve welfare by reducing financial frictions in deposit markets, by boosting financial inclusion, and by improving the transmission of monetary policy. However, a CBDC also entails noteworthy risks, including the possibility of bank disintermediation and associated contraction in bank credit, as well as potential ...
Finance and Economics Discussion Series , Paper 2022-076

Briefing
Motives Matter: Examining Potential Tension in Central Bank Digital Currency Designs
Maniff, Jesse Leigh (2020-07-01)
As a new central bank liability, central bank digital currency (CBDC) has the potential to address various issues within current payments and financial systems. The motivation behind a CBDC will determine how it is designed; a CBDC designed to achieve one goal, such as broader financial inclusion, may have difficulty achieving other objectives.
Payments System Research Briefing

Journal Article
Evaluating Monetary Policy with Inflation Bands and Horizons
Davig, Troy A.; Foerster, Andrew (2023-02-21)
Inflation targeting has become the dominant way countries approach setting monetary policy goals. However, central banks differ in how they conduct that policy and how they evaluate their success in meeting a stated inflation goal. A new assessment method combines a percentage range around a target, known as an inflation tolerance band, with central banks stating how long it will take for high or low inflation to return to that range, known as a time horizon. Comparing previously projected horizons with realized horizons can be used to evaluate policy success.
FRBSF Economic Letter , Volume 2023 , Issue 05 , Pages 6

Report
An investigation of the gains from commitment in monetary policy
Tambalotti, Andrea; Schaumburg, Ernst (2003-08-01)
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal commitment plans, to be tempted to renege on them, and to succumb to this temptation with a constant exogenous probability known to the private sector. By interpreting this probability as a continuous measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect ...
Staff Reports , Paper 171

Speech
Price Stability Built to Last
Daly, Mary C. (2024-02-16)
Speech

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