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Report
(Annual Report 2021) The Blockchain Revolution: Decoding Digital Currencies
St. Louis, Federal Reserve Bank (2022-04-20)
Annual Report

Working Paper
A Macroeconomic Model of Central Bank Digital Currency
Paul, Pascal; Ulate, Mauricio; Wu, Jing Cynthia (2025-06-25)
We develop a quantitative New Keynesian DSGE model with monopolistic banks to study the macroeconomic effects of introducing a central bank digital currency (CBDC). Households benefit from an expansion of liquidity services and higher deposit rates as bank deposit market power is curtailed, while bank profitability and lending decline. We assess this trade-off for a wide range of economies that differ in their level of interest rates. We find substantial welfare gains from introducing a CBDC with an optimal rate that can be approximated by a simple rule of thumb: the maximum between 0% and ...
Working Paper Series , Paper 2024-11

Speech
Considerations on the Road Ahead for Monetary Policy Implementation
Logan, Lorie (2022-06-02)
Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.
Speech

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

Briefing
Observations from the Retail CBDCs of the Caribbean
Noll, Franklin (2024-04-10)
Three retail central bank digital currencies (rCBDCs) have been issued in the Caribbean, but thus far all have struggled to achieve expected adoption from both consumers and merchants. The efforts to launch these rCDBCs offer three takeaways: 1) the underlying technologies of rCBDCs may have little effect on adoption; 2) an rCBDC may need to demonstrate value added to entice consumers to use it; and 3) an rCBDC platform may need to be integrated into the larger financial ecosystem to be widely adopted.
Payments System Research Briefing

Working Paper
Eggs in One Basket: Security and Convenience of Digital Currencies
Rivadeneyra, Francisco; Wong, Tsz-Nga; Kahn, Charles M. (2020-09-04)
Digital currencies store balances in anonymous electronic addresses. We analyze the trade-offs between safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model agents balance the risk of theft of a large account with the cost to safeguarding a large number of passwords of many small accounts. Account custodians (banks, wallets and other payment service providers) have different objectives and tradeoffs on these dimensions; we analyze the welfare effects of differing industry structures and interdependencies, and in particular the consequences ...
Working Papers , Paper 2020-032

Briefing
Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks
Maniff, Jesse Leigh; Zubradt, Susan (2021-06-30)
Private digital currencies, or “crypto-assets,” have surged in popularity recently, but they are not new to the payments landscape and may present familiar challenges for central banks. Although they have yet to fulfill the main functions of money, crypto-assets still have the potential to affect financial stability and the implementation of monetary policy.
Payments System Research Briefing

Discussion Paper
The Future of Payments Is Not Stablecoins
Garratt, Rod; Lee, Michael Junho; Martin, Antoine; Torregrossa, Joseph (2022-02-07)
Stablecoins, which we define as digital assets used as a medium of exchange that are purported to be backed by assets held specifically for that purpose, have grown considerably in the last two years. They rose from a market capitalization of $5.7 billion on December 1, 2019, to $155.6 billion on January 21, 2022. Moreover, a market that was once dominated by a single stablecoin—Tether (USDT)—now boasts five stablecoins with valuations over $1 billion (as of January 21, 2022; data about the supply of stablecoins can be found here). Analysts have started to pay increased attention to the ...
Liberty Street Economics , Paper 20220207

Speech
U.S. Regulations and Approaches to Cryptocurrencies
Held, Michael (2019-12-03)
Remarks at the BIS Central Bank Legal Experts’ Meeting, Basel, Switzerland
Speech

Faster Payments, More Disruptions
Monge-Naranjo, Alexander; Sun, Qiuhan (2020-06-04)
New payment technologies have transformed the banking system by increasing the efficiency and mechanisms to transfer funds. How will these innovations disrupt the banking system?
On the Economy

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