TY - BOOK ID - 146594644 TI - Implications of Central Bank Digital Currencies for Monetary Policy Transmission AU - Das, Mitali. AU - Mancini-Griffoli, Tommaso. AU - Nakamura, Fumitaka. AU - Otten, Julia. AU - Soderberg, Gabriel. AU - Sole, Juan. AU - Tan, Brandon. PY - 2023 SN - 9798400253126 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Bank deposits KW - Banking KW - Banks and Banking KW - Banks and banking KW - Banks and banking, Central KW - Banks KW - Central Bank digital currencies KW - Central bank policy rate KW - Central Banks and Their Policies KW - Central banks KW - Computer Software KW - Demand for Money KW - Depository Institutions KW - Diffusion Processes KW - Distributed ledgers KW - Economic & financial crises & disasters KW - Economic sectors KW - Economics of specific sectors KW - Economics: General KW - Evolutionary Games KW - Finance KW - Finance: General KW - Financial inclusion KW - Financial Markets and the Macroeconomy KW - Financial markets KW - Financial services industry KW - Financial services KW - Government and the Monetary System KW - Industries: Financial Services KW - Information and Internet Services KW - Interest rates KW - Interest Rates: Determination, Term Structure, and Effects KW - Macroeconomics KW - Management of Technological Innovation and R&D KW - Market Structure and Pricing: General KW - Micro Finance Institutions KW - Monetary Policy KW - Monetary Systems KW - Mortgages KW - Noncooperative Games KW - Open market operations KW - Payment Systems KW - Regimes KW - Repeated Games KW - Standards KW - Stochastic and Dynamic Games KW - Technological Change: Choices and Consequences KW - Technological innovations KW - Technology UR - https://www.unicat.be/uniCat?func=search&query=sysid:146594644 AB - This fintech note presents an analysis of the implications of central bank digital currency (CBDC) for monetary policy. In our framework, the implications of CBDC issuance on monetary policy are intermediated by its impact on key parts of the macroeconomic environment. The note also makes a distinction between “level effects”—whereby the introduction of CBDCs could tighten or loosen financial conditions as a shock—and “transmission effects,” whereby CBDCs change the impact of a given monetary policy shock on output, employment, and inflation. In general, the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times; however, these effects can be more significant in an environment with low interest rates or financial market stress. ER -