Search Results

Showing results 1 to 8 of approximately 8.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:central bank digital currency 

Journal Article
Unstable Coins: The Early History of Central Bank Analog Currencies

Recently, there has been much discussion as to whether central bank digital currencies (CBDCs) should be introduced, and if so, how they should be designed. This article offers a historical perspective on this discussion, with a survey of early public bank (proto-central bank) "analog currencies"—circulating banknotes. Public banknotes were an experimental product when they were first issued in sixteenth-century Naples, but by the late nineteenth century, such notes could be found in most European countries. In between came all sorts of implementation difficulties: egregious insider fraud, ...
Policy Hub , Volume 2022 , Issue 2 , Pages 38

Journal Article
Digital Currency, Digital Payments, and the 'Last Mile' to the Unbanked

Digital forms of payment are either not accessible or highly costly for unbanked consumers. This is because these forms of payment must be "funded" by some source of money, such as cash or a bank account. That creates the "last-mile" problem for the unbanked. This article examines various solutions for the funding problem that have been proposed in the literature, by regulators, and in bills submitted to Congress.
Policy Hub , Volume 2021 , Issue 9 , Pages 9

Speech
Remarks at the Panel Discussion, “Central Bank Perspectives on Central Bank Digital Currencies”

The topic of central bank digital currencies is certainly of interest to the Federal Reserve and other nations’ central banks around the world. Like others, the Federal Reserve System is considering both the technical and policy issues surrounding all aspects of a central bank digital currency. In my brief remarks today on the panel, I will touch on several of these key considerations.
Speech

Discussion Paper
Digital Currency, Digital Payments, and the 'Last Mile' to the Unbanked

Digital forms of payment are either not accessible or highly costly for unbanked consumers. This is because these forms of payment must be "funded" by some source of money, such as cash or a bank account. That creates the "last-mile" problem for the unbanked. This article examines various solutions for the funding problem that have been proposed in the literature, by regulators, and in bills submitted to Congress.
Policy Hub

Discussion Paper
Stimulus, Savings, and Inflation: The Top Five Liberty Street Economics Posts of 2021

New York Fed researchers tackled a wide array of topics on Liberty Street Economics (LSE) over the past year, with the myriad effects of the pandemic—on supply chains, the banking system, and inequality, for example—remaining a major area of focus. Judging by the list below, LSE readers were particularly interested in understanding what comes next: the most-viewed posts of the year analyze households’ use of stimulus payments, the implications of lockdown-period savings, the risk of a new housing bubble, the compression of the breakeven inflation curve, and the potential roles that ...
Liberty Street Economics , Paper 20211222

Discussion Paper
Central Banks and Digital Currencies

Recent developments in payments technology raise important questions about the role of central banks either in providing a digital currency themselves or in supporting the development of digital currencies by private actors, as some authors of this post have discussed in a recent IMF blog post. In this post, we consider two ways a central bank could choose to become involved with digital currencies and discuss some implications of these potential choices.
Liberty Street Economics , Paper 20210623

Working Paper
Central Bank Digital Currency: Central Banking for All?

The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial interme-diaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but relies on investment banks to do so. We derive an equivalence result that shows that absent a banking panic, the set of allocations achieved with private financial intermediation will also be achieved with a CBDC. Dur-ing a panic, however, we show that the rigidity of the central bank’s contract ...
Working Papers , Paper 20-19

Discussion Paper
Unstable Coins: The Early History of Central Bank Analog Currencies

Recently, there has been much discussion as to whether central bank digital currencies (CBDCs) should be introduced, and if so, how they should be designed. This article offers a historical perspective on this discussion, with a survey of early public bank (proto-central bank) "analog currencies"—circulating banknotes. Public banknotes were an experimental product when they were first issued in sixteenth-century Naples, but by the late nineteenth century, such notes could be found in most European countries. In between came all sorts of implementation difficulties: egregious insider fraud, ...
Policy Hub

FILTER BY year

FILTER BY Series

FILTER BY Content Type

FILTER BY Jel Classification

E58 4 items

G28 2 items

G59 2 items

N13 2 items

O33 2 items

O35 2 items

show more (6)

PREVIOUS / NEXT