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Speech
Transcript of Linda Goldberg on the EconoFact Chats Podcast
A discussion of the special role of the U.S dollar.
Working Paper
Central Bank Digital Currencies: An Old Tale with a New Chapter
We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these transformations is that success in the micro dimension can encourage macro failure. Overcoming this paradox may require politically uncomfortable compromises. We propose that such compromises will be necessary for the success of CBDCs.
Report
Programming Money Without Programmable Money
Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of “good” money. This paper overviews key principles of “good” money and argues that the discourse on programmability inadequately differentiates between programmable money, which is generally negatively viewed, and programmable payments, which is generally accepted as part of the future. We provide a framework for programmable monetary systems that sharply distinguishes ...